1. Explain the distinguishing features of the following market structures with examples:

(4 marks) (50 to 150 words each)

• Perfect Competition
• Monopolistic Competition
• Monopoly
• Oligopoly

2) Classify ,with reasons the following markets as either perfectly competitive, monopoly, monopolistic competition or oligopoly: (6 marks 1 mark each) (up to 50 words each) a) Lipstick b) Peanut butter c) Local telephone service d) Copper e) Cola

f) Crude oil