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ECO 561 Week 2 DQ 2

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ECO 561 Week 2 DQ 2 -

Briefly (in a few words) state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly.  Under which of these market classifications does each of the following most accurately fit?  (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e) the automobile industry.  In each case justify your classification.