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, you will 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. See theHow to Submit a Simulation Report Imagedocument for more information. 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.

RESULTS 7 Quantity 6 $6.25 Price $3.40 $29.75 Profit $8.40 O End of Game 00:00 MA