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 Monopolistically
Competitive 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