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Market-based approaches have promising potential for allocating network resources. Part I of this article introduced the game theoretic underpinnings of market design and argued for the need to jointly consider market design with the underlying engineering issues in communication networks. Example research questions in this area were reviewed for wireline networks. In this part, we turn to network market design for wireless systems and in particular for the flexible sharing of wireless spectrum. We use this as a vehicle for discussing challenges that arise in the design of markets in the presence of externalities.