Problem 1. Choose a real world industry and determine which of the four market structures (perfect competition, monopolistic competition, oligopoly, or monopoly) this industry is most closely related to. Be sure to support your answer by referring to the characteristics that define each market structure.
Problem 2. Choose an occupation that you are interested in and research what the average salary is for someone employed in that field. Using what you have learned in this chapter about the determination of wages, justify why someone in this position would be paid the wage that they are paid (Note: you will probably want to mention MRP).
Problem 3. Research the exchange rate history over the past year between any two currencies in the world. Try to determine some reasonable economic explanation for the changes in these two currencies (relative to one another).