Part 1 Direction: Without looking at the concept notes, differentiate the different types of market structure in terms of the following factors: Market Structure Type of Products Entry and Exit Number of Sellers Number of Buyers 1. Oligopoly 2. Monopoly 3. Monopolistic Competition 4. Perfect Competition Part 2 Situational Analysis LVM Company is engaged in selling of bags of all sorts. Its competitors are producing the latest trend in bags. The company owner however does not believe that he should spend more money in order to create the latest bags. He further claims that in producing the newest bags which costs more, he should sell it at a higher price. Finally, his decision is that his company should stick to producing bags that have been highly demanded over the last 5 years. His financial advisors however advised him that trend changes every year and therefore he should produce "kung ano ang uso/sikat sa mga kabataan." His advisors in addition said that the existing trend in bags is very likely to last for another 10 years. Various reliable surveys show that people in this generation prefer trend over price. Questions: 1) Is LVM Company correct in producing bags that have been highly demanded over the last 5 years than the bags that are currently trending? Why? 2) Do you think that the existing bags of LVM Company will still be marketable and will consumers still buy it? Why