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1. The following are characteristics of perfect competition. Place an X on the ones that are also true for a profit maximizing monopolistically competitive firms.

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1. The following are characteristics of perfect competition. Place an "X" on the ones that are also true for a profit maximizing monopolistically competitive firms. Profit Maximizes at MR=MC Breaks even in the long run Productively efficient in the long run. Products are identical Allocationy efficient Price equals marginal revenue Low barriers to entry Shuts down when Price

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