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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 competitors b. has marginal revenue less than price c. earns economic profit in the long run d. produces at the minimum of average total cost in the long run e. equates marginal revenue and marginal cost f. charges a price above marginal cost

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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305156050
BuyFind

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305156050

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Chapter
Section
Chapter 16, Problem 3PA
Textbook 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 competitors

b. has marginal revenue less than price

c. earns economic profit in the long run

d. produces at the minimum of average total cost in the long run

e. equates marginal revenue and marginal cost

f. charges a price above marginal cost

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