(1) Oligopoly: A Brief Glance
Oligopoly, Interdependence, Collusion, Cartel, Cheating
This provides an overview of the market structure of Oligopoly. It presents the characteristics of this market structure by contrasting them to those of Perfect Competition and Monopoly. It identifies the key issue of interdependency and points out the conflicting incentives this creates. The issues associated with achieving an effective cartel are briefly identified. Finally, the long run adjustment process for Oligopoly is discussed.
Crane, Steven E., "(1) Oligopoly: A Brief Glance" (2011). Principles of Microeconomics. 47.
Ability to identify and explain the standard characteristics of a Monopolistically Competitive Firm, and to contrast them with the characteristics of a Perfectly Competitive and Monopoly Firms. Ability to explain the consequences for the firm's revenue functions, and to describe the conflicting incentives that interdependence creates.
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