ePack: Principles of Microeconomics 6th Edition by Gregory Mankiw

Exercise 1

For each of the following characteristics, say whether it describes a monopoly firm, a monopoistically 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