Question

In economics, what is meant by an Oligopoly?

What are some ways to make a distinction between an Oligopolistic Market and a Market identified as having Monopolistic Competition?

Use the Keat and Young textbook as a basis for explaining the role of non-price competition within an oligopoly.

Explain The Kinked-Demand model of oligopoly, and why this model concludes that oligopolists are reluctant to compete with each other on the basis of product price.

Then choose one additional theory of Oligopoly behavior, and explain how strategies/counter-strategies and/or rivalry influence the decision making by the firm.

Throughout your answer to this question, use graphs, completely labeled, to accompany your written analyses.