A monopoly is a firm that is a sole seller in a market. Monopolies can decide to set different prices for different consumers through price discrimination. In monopolistic competition, there are many firms that sell products that are similar but not identical.

First, play the simulation game Price Discrimination in the MindTap environment. In this discussion, share your experiences playing that game. Your work in this discussion will directly support your success on the course project.

In your initial post, include the image of your simulation report in your response. Then, address the following questions:

• Explain which types of marketinefficienciesderive frommonopolies. Use examples from the textbook to support your claims.
• Describe the types ofinefficienciesthat derive frommonopolistic competition. Use examples from the textbook to support your claims.
• How aremonopolies and monopolisticcompetitive firmsprofitable? Use examples from the textbook to support your analysis.

History Round Market Type Quantity Market Price Marginal Total Profit Cost Single Market 5 $6.75 $2.00 $23.75 2 Mixed Market 7 $6.25 $2.00 $29.75 3 Price Discrimination 3|2 $7.25 | $3.8 $2.00 $19.35 4 Price Discrimination 2|1 $7.5 | $3.9 $2.00 $12.9History Round Market Type Quantity Market Price Marginal Cost Total Profit Single Market $7.75 $2.00 $5.75 2 Mixed Market 2 $7.5 $2.00 $11.00 3 Price Discrimination 13 $7.75 | $3.7 $2.00 $10.85 4 Price Discrimination 25 $7.5 | $3.5 $2.00 $18.5History Round Market Type Quantity Market Price Marginal Total Profit Cost Single Market 5 $6.75 $2.00 $23.75 2 Mixed Market 2 $7.5 $2.00 $11.00 3 Price Discrimination 3 | 1 $7.25 | $3.9 $2.00 $17.65 Price 4 Discrimination 1/3 $7.75 | $3.7 $2.00 $10.85