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4 . Conditions for monopolistic competition Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a

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4 . Conditions for monopolistic competition Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly. Complete the following table by indicating if each attribute characterizes a competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Attributes Competitive Market Monopolistically Competitive Market Product differentiation Identical products O O Zero profit in the long run 0 Price is equal to marginal revenue O

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