Market Structures 1. Select a firm in an industry that operates in a perfect competition market structure. Questions to answer as you write this area of the assignment are: What are the basic assumptions of perfect competition? Explain in your own words what the assumptions imply for the perfectly competitive firm that you have chosen. How are prices determined by the perfectly competitive firm you've chosen set for its product/service? What prevents the perfectly competitive firm from seeking higher profits by increasing the price that it charges for its product/service? 2. Select a firm in an industry that operates in a monopoly market structure. Questions to answer as you write this area of the assignment are: What are the basic assumptions of a monopoly? Explain in your own words what the assumptions imply for the monopoly firm that you have chosen. What is a barrier to entry for the monopoly firm you have chosen? How do the assumptions you've identified above affect the price a monopoly charges for its product/service? 3. Select a firm in an industry that operates in a monopolistic competition market structure. Questions to answer as you write this area of the assignment are: What are the basic assumptions of a monopolistic competitor? Explain in your own words what the assumptions imply for the firm that you have chosen. How do the assumptions you've identified above affect the price a monopolistic competitor charges for its product/service? What is differentiation for the monopolistic competitor you've chosen? 4. Select a firm in an industry that operates in an oligopoly market structure. Questions to answer as you write this area of the assignment are: What are the basic assumptions of an oligopoly? Explain in your own words what the assumptions imply for the firm that you have chosen. How do the assumptions you've identified above affect the price an oligopoly charges for its product/service? What is the relationship between competitors in an oligopoly market structure