For each of the following characteristics, saywhether it describes a perfectly competitive firm, amonopolistically competitive firm, both, or neither.a. sells a product differentiated from that of itscompetitorsb. has marginal revenue less than pricec. earns economic profit in the long rund. produces at the minimum of average total cost inthe long rune. equates marginal revenue and marginal costf. charges a price above marginal cost

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