Use the following information to answer Questions
Suppose Chris and Toni each view a cake as shown below. They agree to use the divide-and-choose procedure. 
-If Chris divides and Toni chooses, how much will Chris feel is left?
Definitions:
Discriminating Monopolist
A monopolist that charges different prices to different groups of consumers for the same product or service, maximizing profit by exploiting the differences in willingness to pay.
Monopolistic Competitor
A firm in a market structure where many companies sell products that are similar but not identical.
Monopsony Labor Market
is a market structure where a single buyer (employer) substantially controls the market as the major purchaser of labor, influencing wages and employment conditions.
Purely Competitive
A market structure characterized by a large number of small firms producing identical products, with no single firm able to influence the market price.
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