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which of the following features is common to both perfectly competitive markets and monopolistically competitive markets?
Group of answer choices Firms produce homogeneous goods. Long-run profits are zero. Prices are above marginal costs in the long run. Prices are equal to marginal costs in the long run.

Answer :

The features that is common to both perfectly competitive markets and monopolistically competitive markets is long-run profits are zero. The Option B is correct.

What is perfectly competitive market?

The perfect competition in market occurs when all companies sell identical products, market share does not influence price, companies are able to enter or exit without barriers.

What is monopolistically competitive market?

This is a market where many companies offer competing products or services that are similar, but not perfect substitutes. The barriers to entry in the industry are low, and the decisions of any one firm do not directly affect its competitors.

Read more about competitive markets

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