18 Mar 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...