For each of the following characteristics, say whether it

Chapter , Problem 3

(choose chapter or problem)

For each of the following characteristics, say whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither.a.sells a product differentiated from that of its competitorsb.has marginal revenue less than pricec.earns economic profit in the long rund.produces at the minimum of average total cost in the long rune.equates marginal revenue and marginal costf.charges a price above marginal cost

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