Economics Discussion

1. Describe fixed and variable costs.
2. Summarize pure competition.
3. Summarize monopolistic competition.
4. Summarize an oligopoly.
5.  Summarize a pure monopoly.
6. Explain how pure competition maximizes profits.

Choose any one part of the Discussion Question (1,2,3,4,5 or 6) and give a real-life example/illustration.