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Choose a real-life example of a firm that you think is part of an oligopoly market and describe the characteristics of the market structure that explain why the firm would be classified as such.

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Nelly Stracke
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1 Oct 2018

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Related questions

Choose a real-life example of a firm that you think is part of an oligopoly market and describe the characteristics of the market structure that explain why the firm would be classified as such.

11) For the Oligopoly Market Structure

a) List and explain the characteristics of oligopoly and compare them to the characteristics of the other 3 market structures.

i) The oligopoly market structure is one of the most significant types in our economy. Please discuss the oligopoly market structure, and list and explain the characteristics.

b) List and explain the conditions under which the Oligopolistic firm achieves profit maximization and loss minimization. Be thorough.

i) Using the MR MC approach, discuss how to determine when the oligopolistic firm maximizes profit or minimizes loss in the kinked demand curve model.

c) You work for a firm that is a member of an oligopoly market.

i) Explain the issues of collusion.

(1) Here you should discuss the role collusion (in its various types) and how the firm might deal with the issue.

ii) Explain game theory and how the firm might use this tool to achieve its business goals

Think about a firm that you have done business with recently. What industry does this firm belong to? For example, McDonald's is a firm in the fast food industry. What market structure would this industry fall under? What are the names of other firms in this industry? Is it monopolistic competition, oligopoly, monopoly, or perfect competition? Justify your classification of the firm. Use the characteristics/features of the different market structure to determine which market structure to classify your chosen firm.

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