ECO 101 WEEK 5 DISCUSSION Discussion 1 â€œMonopolyâ€ Please respond to the following: a) Discuss the strategies and actions (either legal or illegal) a firm could employ to monopolize the market for a good or service. Explain why this would be so drawing on the concepts discussed in Chapter 9 (monopoly). b) Discuss a best practice that would apply to a monopolist in any market. Explain why you support it as a best practice. Discussion 2 â€œMonopolistic Competition and Oligopolyâ€ Please respond to the following: a) Discuss the single biggest competitive advantage a firm in such a market could have. Explain your rationale. b) Discuss the likely economic outcome if all markets were oligopolistic. Provide specific examples to support your response.