Reference no: EM132265681
Given the description of the firms below, separate the following as monopolistic competition, perfect competition, or both.
a. firm that has market power
B. a firm that produces at efficient scale in the long run
C. a firm that produces with excess capacity in the long run
D. a firm that sets price greater than marginal cost
E. a firm that may earn an economic profit or loss in the short run
F. a firm that produces an identical product to all of its rivals
G. a firm that faces a downward-sloping demand curve
H. a firm that earns zero economic profit in the long run
I. a firm that maximizes profits by producing where MR = MC