1. You and a friend decide to form a partnership to start a company that will produce and sell Mugwumps (Mugwumps are an imaginary product, created for this question)
   1. You and your friend find it quite easy to start producing and selling Mugwumps, alongside the other companies that are already in the Mugwump industry. Based on this information, what possible market structures could you be operating in? Name all of the market structures that apply. (Just write their names, you do not need to explain.)
   2. You and your friend now find that if you change the features of the Mugwumps that you make and sell (you decide to offer for sale a striped and glitter option of Mugwumps) you are able to sell your company's Mugwumps for a little higher price than the Mugwumps produced by some other firms, however at a little lower price than some other higher quality Mugwumps produced by yet other firms. Based on this information, what markets structures could you be operating in? Name all of them that apply andexplain. Explain your answer using economic concepts from this course.

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