Think about a specific product with which you are familiar. Discuss the characteristics of that product's market. Try to pick a specific product (i.e., Big Macs not burgers). Discuss the characteristics of the industry that that product would be considered part of. Discuss what other products would be considered part of the industry and what similar products would probably not be considered part of the market. Discuss the characteristics of the market in terms of product differentiation, ease of entry, and number and size of firms in the market. Based on this, decide what type of market that product is in (i.e., monopoly, monopolistic competition, oligopoly, or perfect competition).