Solved: Differences in how these types of firms make profits, Macroeconomics

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Differences in how these types of firms make profits

Question 1: I am confused on the differences in how these types of firms make profits. How is a monopolistically competitive firm like a monopoly, and how is it like perfect competition?

Question 2: Why doesn't the monopolistically competitive firm, enjoy long-run economic profits like the oligopoly and monopoly since they all 3 have downward-sloping demand curves?

Question 3: Can the monopolistically competitive firm achieve long-run economic profits, and if so or not, why?

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Macroeconomics: Differences in how these types of firms make profits

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