Business, 05.05.2020 21:29 AshlynPlayz45

For each of the following characteristics, indicate whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither.
Characteristic Perfectly Competitive Monopolistically Competitive
1. Sells a product identical to those of its competitors
2. Can earn economic profit in the short run
3. Produces above the minimum average total cost in the long run
4. Charges a price that is the same as marginal cost
5. Produces welfare-maximizing level of output
6. Has marginal revenue less than price

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