Problems and Applications For each of the following characteristics, indicate whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither. (Note: If the characteristic describes neither, leave the entire row unchecked.)Characteristic Perfectly CompetitiveSells a product identical to that of its competitors Can earn economic profit in the short run Produces above the minimum of average total cost in the long run Charges a price that is the same as marginal cost Produces welfare-maximizing level of output Has marginal revenue less than price

The answers are provided below

Explanation:

1. Sells a product identical to that of its competitors:

This is a characteristic of perfectly competitive market. In a perfectly competitive market, identical products are sold while a monopostically competitive market sells differentiated products.

2. Can earn economic profit in the short run.

Both the perfectly competitive market and the monopostically competitive market will earn economic profit in the short run. This will attract new firms in the perfectly competitive market.

3. Produces above the minimum of average total cost in the long run

A perfectly competitive market does not produce above the minimum of average total cost in the long run. This is only possible in the monopostically competitive market.

4. Charges a price that is the same as marginal cost

This is true for the perfectly competitive market but a monopostically competitive market charges price above the marginal cost.

5. Produces welfare-maximizing level of output

This is true for the perfectly competitive market as it produces welfare-maximizing level of output but a monopostically competitive market does not produces welfare-maximizing level of output as it has excess capacity.

6. Has marginal revenue less than price

This is not true for the perfectly competitive market as its price equals the marginal cost i.e P = MC but the characteristics is true for a monopostically competitive market.

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