nnAssignment:nnIdentify the market type that most closely approximates your chosen industry. (Monopoly. Oligopoly, Monopolistic Competition, or Pure Competition).nnWhat characteristics do you observe in the industry that support this identification? Provide evidence.nnWhat does the market type suggest about pricing and output strategy? About the need for advertising? About the presence of other firms in this market? Are there any other considerations that must be considered because of the market type?nn