4. Problems and Applications Q4 For each of the following characteristics, check which types of firm it describes: a monopoly firm, a monopolistically competiti (Note: If the characteristic describes neither, leave the entire row unchecked.) Characteristic Monopoly Monopolistically Competitive Charges a price above marginal cost O O Equates marginal revenue and marginal cost O O Has marginal revenue that is the same as the price O O Faces the entry of new firms selling similar products O Earns economic profit in the long run O O Produces the socially efficient quantity of output O O