For each of the following characteristics, say whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither.a. sells a product differentiated from that of its competitorsb. has marginal revenue less than pricec. earns economic profit in the long rund. produces at the minimum of average total cost in the long rune. equates marginal revenue and marginal costf. charges a price above marginal cost 4. For each of the following characteristics, say whether it describes a monopoly firm, a monopolistically competitive firm, both, or neither.a. faces a downward-sloping demand curveb. has marginal revenue less than pricec. faces the entry of new firms selling similar productsd. earns economic profit in the long rune. equates marginal revenue and marginal costf. produces the socially efficient quantity of output  Classify the following markets as perfectly competitive, monopolistic, or monopolistically competitive, and explain your answers.a. wooden no. 2 pencilsb. copperc. local electricity serviced. peanut buttere. lipstick

 For each of the following characteristics, say whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither.
a. sells a product differentiated from that of its competitors
b. has marginal revenue less than price
c. earns economic profit in the long run
d. produces at the minimum of average total cost in the long run
e. equates marginal revenue and marginal cost
f. charges a price above marginal cost

4. For each of the following characteristics, say whether it describes a monopoly firm, a monopolistically competitive firm, both, or neither.
a. faces a downward-sloping demand curve
b. has marginal revenue less than price
c. faces the entry of new firms selling similar products
d. earns economic profit in the long run
e. equates marginal revenue and marginal cost
f. produces the socially efficient quantity of output

 Classify the following markets as perfectly competitive, monopolistic, or monopolistically competitive, and explain your answers.
a. wooden no. 2 pencils
b. copper
c. local electricity service
d. peanut butter
e. lipstick