a) (10 points) Define and describe a price discovery system in general.

b) (10 points) Explain the two major types of price discovery systems. Provide at least 2 benefits and 2 disadvantages for each.

c) (10 points) Define and describe a price-setting system in general.

d) (15 points) Explain the three major types of price setting systems. Provide at least 1 benefit and 1 disadvantage for each.

e) (10 points) Are these two systems independent of each other? Explain.