Answer :
Final answer:
Monopolistic competition has low start-up costs and offers differentiated products, while monopolies typically offer homogeneous products with limited consumer choice.
Explanation:
In a monopolistically competitive industry, start-up costs are low compared to natural monopolies. This type of industry features products that are differentiated, offering consumers choices. However, in a monopoly, homogeneous products limit consumer choice as there is only one seller, often leading to higher prices.
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