Which of the following statements correctly describe profit maximization techniques in monopolistic competition? Select all that apply.

In monopolistic competition, firms can maximize their profits by adjusting their prices and output levels. They do this by finding the price that allows them to sell the most products while covering their costs, which often involves setting a price above marginal cost. For example, a local coffee shop might charge a little more for its unique blend of coffee because it knows customers are willing to pay for that special taste. Firms also focus on differentiating their products to create a niche market, which helps them maintain some control over their pricing. Overall, the key to profit maximization in this setting is balancing production costs, pricing strategy, and product uniqueness.