Monopolistic competition-perfect competition

Reference no: EM1368152

Which of the following is a characteristic of both monopolistic competition and perfect competition?

1. Firms face singificant barriers to entry

2. A firm's marginal revenue curve is below its demand curve.

3. In the long run, a firm will earn zero economic profit.

4. In the long run, a firm will produce a level of output that corresponds to the minimum point of their average total cost curve.

Reference no: EM1368152

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