Explain what the competency statement means in your own words. 1. Identify and explain each of the product market structures. Provide an example of each. 2. Summarize what makes price discrimination possible. 3. Summarize the key points from the lesson about perfect price discrimination. 4. Explain the key characteristics of monopolistic competition. Provide examples of businesses that would fall in this category. 1. Describe the essential elements that make oligopolies and analyze how they are interdependent