Briefly indicate the basic characteristics of perfect competition, monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following most accurately fit? (a) a supermarket in your home town; (b) the steel industry; (c) a Saskatchewan wheat farm; (d) the chartered bank in which you or your family has an account; (e) the automobile industry. In each case justify your classification.
Perfect competition: very large number of firms; standardized products; no control over price: price takers; no obstacles to entry; no non-price competition.