Question: Microeconomics Chapter 7 Question 1: Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of these market classifications

Microeconomics Chapter 7 Question 1: Briefly 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? In each case justify your classification

A supermarket in your hometown
The steel industry
A Kansas wheat farm
The commercial bank in which you or your family has an account
The automobile industry

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