Perfect competition and monopolistic competition

Reference no: EM13686710

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

Firms face important barriers to entry

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

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

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: EM13686710

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