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QUESTION 3. Identify each of the following (A-D) using one of the 4 market structures. Each market structure is only used once. Part A. There are many small towns across the country that have a single gas station and a single grocery. A 1. Market Structure: A 2 List two characteristics of this market structure other than those related to price/output. A 3 Describe how this type of firm sets price and output. A 4 Draw the appropriate graph to illustrate a loss for this type of firm. Be sure to label! Shade the area of the loss. Part B. Farms in southern California grow strawberries, alongside many competitors. B 1. Market Structure: B 2 List two characteristics of this market structure other than those related to price/output. B 3 Describe how this type of firm sets price and output. B 4 Draw the appropriate graph to illustrate a profit for this type of firm. Be sure to label! Shade the area of the profit. Part C. Small local diners in a small city (population greater than 25,000 but less than 40,000). C 1 Market Structure: C 2 List two characteristics of this market structure other than related to price/output. C 3 Describe how this type of firm sets price and output. C 4 Draw the appropriate graph to illustrate a profit for this type of firm. Be sure to label! Shade the area of the profit. Part D. Verizon, AT&T, Sprint, T-Mobile, Spectrum D 1. Market Structure: D 2 List two characteristics of this market structure other than related to price/output. D 3 Describe how this industry sets price and output. D 4 Could regulation help this market move toward the efficiencies of perfect competition