1. Is the online book retail (e.g. Amazon.com) industry qualified as a perfectly competitive market by the four market characteristics listed in the lecture note? If not, what characteristic(s) is (are) not met?
2. There are so many companies having websites to sell their products. However, not every company is successful in online retail. In your opinion, what are the common characteristics of products which can be sold successfully in online retail? Please provide at least one example and explain your answer.
3. Microsoft has been a giant in the software industry. Can we define Microsoft as a monopoly? Please explain. In addition, whether the Learner Index works well to define the market power for Microsoft in the software industry?