which of the following statements correctly differentiates between a monopoly and a perfectly competitive firm? group of answer choices a perfectly competitive firm faces an upward sloping demand curve, whereas a monopoly faces a horizontal demand curve. a perfectly competitive firm sets its product price above its marginal cost, whereas a monopoly sets its product price equal to its marginal cost. a perfectly competitive firm faces a horizontal demand curve, whereas a monopoly faces an upward sloping demand curve. a perfectly competitive firm sets its product price at its marginal cost, whereas a monopoly sets the price above its marginal cost.
