Provide a 2-3 sentence for each of the following characteristics, say why it describes a perfectly competitive firm, a monopolistic-ally competitive firm, both, or neither.
1- Has marginal revenue less than price - Monopolistic-ally competitive firm 2 - Earns economic profit in the long run - Neither 3 - Produces at minimum of average total cost in the long run - Perfectly competitive firm 4 - Equates marginal revenue and marginal cost to optimize profit - Both 5 - Charges a price above marginal cost - Monopolistic-ally competitive firm
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