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September 20, 2021

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Economics, Undergraduate

An oligopoly is a market structure in which only a few sellers produce similar or identical products. Oligopolies are price-setters and can collude to behave like a monopolist.
Address the following questions:

What are the main features of an oligopolistic market?
How do oligopolies set their prices?
Explain how you can distinguish a firm in an oligopolistic market from one in a monopolistic competitive market. Provide examples to illustrate.

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