For each of the following characteristics, say whether it describes a monopoly firm, a monopolistically competitive firm, both, or neither.
Characteristic Monopoly Monopolistically Competitive
1. Faces a downward-sloping demand curve
2. Has marginal revenue less than price
3. Faces the entry of new firms selling similar products
4. Earns economic profit in the long run
5. Equates marginal revenue and marginal cost
6. Produces the socially efficient quantity of output
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