1. It is usual to diside markets into four categories. In ascending order of competitiveness these are {ll in the missing three}: 1. monopoly. :5.\"qu To which of the above four categories do the following apply to the member firms? [There can he more than one market category in each case.) (a) Firms ce a downward sloping demand curve. ____________________________________________________________________ [b] New firms can freely enter the industry. _________________________________________________________________________________ (c) Firms produce a homogeneous product. ________________________________________________________________________________ (d) Firms are price takers. ............................................................................................................ (e) Firms ce an elastic demand [but less than innity] at the protmarolmizing output. (f) Firms will produce where ME = MU if they wish to maximize prots. ................................. (g) There is perfect knowledge on the part of consumers of price and [rm-duct quality. In which of the four categories would you place each of the following? (It is possible in some cases that part of the industry could he in one category and part in another: if so name both.) (a) A village post ofce ................................................................................................................. (13] Restaurants in large town ........................................................................................................ {c} Banks ....................................................................................................................................... (d) I-[i manufacturers ................................................................................................................. (e) Producers of barley ................................................................................................................. (f) Water supply ........................................................................................................................... (g) Local buses ............................................................................................................................. [h] The market for foreign currency