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Part B - Imperfect Competition (5 marks) Use a diagram to explain the difference between demand and marginal revenue for a firm in perfect competition with those of a firm in imperfect competition. (1 mark) How does price and quantity for a monopoly or oligopoly compare to price and quantity for perfect competition. (Are they higher or lower?) Use a written explanation and diagram to explain. (2 marks) Pick any company or organization (other than theatres and airlines) that uses price discrimination. What is the pricing structure? Explain the purpose of the price discrimination. What does elasticity have to do with the determination of prices for this organization? (2 marks)