1) 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 its competitors b. Has marginal revenue less than the price c. Earns economic profits in the long run d. Maximizes profits by producing where marginal revenue equals marginal cost e. Charges a price above marginal cost f. Produces at the minimum average cost in the long run 2) For each of the following pairs of firms, explain which firm would be more likely to engage in advertising. a. A soybean farm or a vegetarian restaurant b. A steel mill or a car company c. A company with a patented drug to treat heart disease or a manufacturer of a generic version of the same drug 3) Use the following table to answer the following questions about a pizza parlor operating in a monopolistically competitive market. Assume total costs includes all economic costs.