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? (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.

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