Explain what an Oligopoly is and how it is different from Monopolistic Competition.
Explain what an Oligopoly is and how it is different from Monopolistic Competition.
Describe a real world Oligopoly. Indicate the firms and explain how they compete.
What is unique about individual firms’ decision-making in Oligopolies?
Can firms in Oligopolies earn an economic profit? Explain.
Suppose these firms collude and form a cartel. Using a real life example, explain how a cartel can be stable over the Long Run.
What incentives are there for a cartel to break apart?
Suppose that the cartel breaks apart and the firms engage in very active price competition, as if they were in a perfectly competitive market. Explain how the market price and quantity is now different from under the cartel.
FORMATTING REQUIREMENTS:
You are required to use, cite and reference your course learning resources (the textbook, Intellipath, MUSE) to support your answers. You can also use AIU’s library and the internet for additional credible information. View this evaluation of sources video to learn about how to select credible sources.
Follow APA formatting requirements: Your paper should be around 750 words, include a Title page and a Reference page, and be double-spaced with 1-inch margins throughout. Use APA format to cite your sources within your paper, and to list them on your Reference page. Ensure good writing: Follow an organized paragraph structure, open with an introduction paragraph, write three body paragraphs, and close with a conclusion paragraph. Check for grammar and spelling errors.
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