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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Explanation:A perfectly competitive market exist where there are many buyers and sellers with homogeneous products, and no restrictions to the entry and exit of the market. In the short run of this market, economic profits are attainable even though they vary and is the factor that determines whether to exit or remain in the market.  Here, Price = Marginal cost equal Marginal Revenue.

 A monopolistic market occurs  where many sellers with slight different products exists having slight  influence to set the price according to firm's preference, and  no significant barriers to entryof the market.

--Sells a product identical to those of its competitorsPerfectly competitive

---Can earn economic profit in the short runBoth  Monopolistically and Perfectly competitive

---Produces above the minimum average total cost in the long run Monopolistically  Competitive

--Charges a price that is the same as marginal cost Perfectly competitive firm

--Produces welfare-maximizing level of output Perfectly competitive

---Has marginal revenue less than priceMonopolistically  Competitive

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