Business, 10.04.2020 20:27 cchavcchav2944

For each of the following characteristics, indicate whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither. (Note: If the characteristic describes neither, leave the entire row unchecked.)

Characteristic Perfectly Competitive Monopolistically Competitive
a. Sells a product differentiated from that of its competitors
b. Has marginal revenue less than price
c. Earns economic profit in the long run
d. Produces at the minimum of average total cost in the long run
e. Equates marginal revenue and marginal cost
f. Charges a price above marginal cost

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For each of the following characteristics, indicate whether it describes a perfectly competitive fir...