Bank of America recently instituted a $5 per month fee for its customers for the use of their debit card.As of last week, the bank rescinded its decision.Bank of America is one of the nation's largest banks.There are other very large banks as well.

Read "Smell of Success: Suave Copies Hot Scents to Boost Sales" and read "American Airlines Cuts Select Business Fares" to stimulate your thinking.

Answer the following question:

What sort of competitor is Bank of America, i.e. what sort of market is Bank of America in (Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly)?What is Bank of America's strategy (think of models we have covered), and what does that tell you about its perception of its market power?