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Homework answers / question archive / For each of the following characteristics, indicate whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither

For each of the following characteristics, indicate whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither

Economics

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
Sells a product differentiated from that of its competitors    
Has marginal revenue less than price    
Earns economic profit in the long run    
Produces at the minimum of average total cost in the long run  
Equates marginal revenue and marginal cost    
Charges a price above marginal cost

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