Business, 25.06.2020 05:01 klu65

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 identical to those of its competitors Can earn economic profit in the short run Produces above the minimum average total cost in the long run Charges a price that is the same as marginal cost Produces welfare-maximizing level of output Has marginal revenue less than price

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