Can you say what happens to Tommy’s markup and its economic profit? Why or why not? Monopolistic competition differs from _____. A. monopoly because firm’s cannot set their own price B. oligopoly...

Can you say what happens to Tommy’s markup and its economic profit?

Why or why not?

Monopolistic competition differs from _____.

A. monopoly because firm’s cannot set their own price

B. oligopoly because firms produce differentiated goods or services

C. perfect competition because the goods or services produced are differentiated

D. monopoly because the good produced by each firm has no close substitute