1. Understanding Equilibrium. Explain how a market reaches an equilibrium?2. Perfect Competition What are the characteristics of perfect competition? Can you think of an example that may be close to perfect competition? 3. Oligopolies and Monopolistic Competition Monopolistic competitors try to product differentiate and price discriminate. Give an example of how you have experienced either one as a consumer. What type of market structure do you think best describes Microsoft, Google, Amazon, and Facebook?