Economics Market Structures

1) Choose a real-world industry (for example, the auto industry as opposed to a company such as Ford) and determine which of the four market structures (perfect competition, monopolistic competition, oligopoly, or monopoly) this industry is most closely related to. Be sure to support your answer by referring to the characteristics that define each market structure.

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2) In your own words, define the term “price discrimination” and describe the advantage that it presents to firms that are able to use it.

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