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For each of the following characteristics, say whether it describes a monopoly firm, a monopolistically competitive firm, both, or neither. a. faces a downward-sloping demand curve b. has marginal revenue less than price c. faces the entry of new firms selling similar products d. earns economic profit in the long run e. equates marginal revenue and marginal cost f. produces the socially efficient quantity of output

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Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305585126

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BuyFindarrow_forward

Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305585126
Chapter 16, Problem 4PA
Textbook Problem
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For each of the following characteristics, say whether it describes a monopoly firm, a monopolistically competitive firm, both, or neither.

a. faces a downward-sloping demand curve

b. has marginal revenue less than price

c. faces the entry of new firms selling similar products

d. earns economic profit in the long run

e. equates marginal revenue and marginal cost

f. produces the socially efficient quantity of output

Subpart (a):

To determine
Categorizing a firm.

Explanation of Solution

Both a monopolistically compet...

Subpart (b):

To determine
Categorizing a firm.

Subpart (c):

To determine
Categorizing a firm.

Subpart (d):

To determine
Categorizing a firm.

Subpart (e):

To determine
Categorizing a firm.

Subpart (f):

To determine
Categorizing a firm.

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