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Generally, studio monitors are physically robust, to cope with the high volumes and physical knocks that may happen in the studio, and studio monitors are used for listening at shorter distances (e.g., near field) than hi-fi speakers, though nothing precludes them from being used in a home-sized environment. Studio monitors are increasingly self-amplified (active), although not exclusively so, while hi-fi speakers usually require external amplification.
Many inexpensive hi-fi models are designed to make a pleasing sound by deliberately manipulating the frequency response curve of the audio signal they receive. No speaker, monitor or hi-fi, regardless of the design principle, has a completely flat frequency response; all speakers color the sound to some degree. Monitor speakers are assumed to be as free as possible from coloration.