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1. Based on what you have learned about Monopolies and the Sherman Anti-Trust Act, do you believe Monopolies should be considered illegal? Why or why not? (1 page min) (discussion) 2. Briefly state the basic characteristic of pure competition, monopoly, monopolistic competition, and oligopoly. Under which of these market classification does each of the following most accurately fit?a) a Kansas wheat farmb) the steel industryc) Jolly Green Giant Peasd) the automotive industry3. Give an example of a negative externality and a positive externality that is not listed in your book.

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