4 For each of the following characteristics, say whether it describes a monopoly firm, a monopolistically competitive
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4 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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Related Book For 
Principles Of Microeconomics
ISBN: 125206
8th Edition
Authors: Joshua Gans, Stephen King, Martin Byford, N Gregory Mankiw
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