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There are five main market characteristics of Pure Competition: 1. Identical or very similar product 2. No long-run barriers to entering or exiting the market 3. Large number producers and buyers 4. Sufficient information available to buyers and sellers 5. No one producer or buyer can influence the price Now we are discussing Monopolistic Competition. Pick an example of a product or service which is sold in Monopolistic Competi- tion (one we used in class, or preferably supply your own exam- ple) . Please be sure to tell me what Product or service you are using as an example so I can understand your answers. What Product of Service are you discussing? Two of the above characteristics of pure competition can apply to both types of competition, but three of them usually do not apply to Competitive Monopoly. Which three characteristics of Pure Competition listed above do not apply to the product of service which you are using as an example. In each case, please explain why and how this characteristic does not apply to your example. 1 st of three Which Characteristic of pure competition does not apply (1, 2, 3, 4 or 5)? Type your explanation here: 2n of three Which Characteristic of pure competition does not apply (1, 2, 3, 4 or 5)? Type your explanation here: 3rd of three Which Characteristic of pure competition does not apply (1, 2, 3, 4 or 5)? Type your explanation here