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Q4
(a)   | Perfect competition | Oligopoly
| Many numbers of firms. | Few numbers of firms in the market
| There are no barriers of entry. | Low barrier of entry
| Firms sell identical product. | Firms sell undifferentiated and differentiated products.
| Demand curve is horizontal. | Demand curve is relatively inelastic downward slopping.

(b)  | Monopoly | Oligopoly
| Only one firm monopolies the whole industry | Few numbers of firms in the market
| Restricted to entry or completely block | Low barrier of entry
| Firm sells unique products | Firms sell undifferentiated and differentiated products
| Demand curve is relatively inelastic downward slopping | Demand curve is relatively inelastic downward slopping.

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Nicholas Zahn, 0338864
(a) Perfect competition market is a market that has very many number of firms, has an unrestricted freedom of entry, nature of products are undifferentiated and lastly, they have a perfectly elastic demand curve. However, oligopoly firms has only a few number of firms in the market, has high barriers of entry , has a nature of product of both undifferentiated and differentiated product and lastly, it has a kinked demand curve.
(b) On the other hand, with oligopoly having all the characteristics mentioned above, comparing it to monopoly, monopoly's market has only 1 number of firm, as a restricted barrier of entry, has a unique product nature and lastly, has a vertical demand curve.

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(a)Perfect competition market has many firms while oligopoly has only few firms. Barriers to entry is higher in oligopoly compare to prefect competition.

(b) Oligopoly products can be identical or differentiated while monopoly products are unique. Monopoly is the price maker in the market while for oligopoly the price is stable.

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A) Perfect Competition
-  There are many firms in the market
- Low Barriers to entry
- The nature of products produced are Identical = Homogeneous Products
- AR = MR = P (Perfectly Elastic)
- Price-Taker

B) Oligopoly
- There are few firms in the market
- High Barriers to entry
- Have considerable market power
- Products they produce can be identical or differentiated
- They have a kinked and downward sloping demand curve
- They are strategically inter-dependent which means the actions of one firm affects the profits and actions of another
- They have stable prices

C) Monopoly
- There is only one firm dominating the whole market
- They have alot of market power and therefore are price makers
- They have High-Barriers to entry
Products Unique

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a. Perfect Competition Market
- very many number of firms in the market
- high freedom to enter the market
- products are homogeneous
- demand curve is horizontal
- firms are price taker
Oligopoly
- small number of firms in the market
- low freedom to enter the market
- products are identical
- kinked demand curve
- firms have large market power
b. Oligopoly
- small number of firms in the market
- low freedom to enter the market
- products are identical
- kinked demand curve
- firms have large market power
Monopoly
- one firm in the market
- restricted to enter the market
- products are unique
- demand curve is relatively inelastic
- firms are price maker

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a)
- Less firms in the oligopoly market as compared to perfect competition
- Kinked demand curve for oligopolies, perfectly elastic curve for perfect competition
- Products are differentiated for oligopolies, products are similar, identical.
- High barriers to entry for oligopoly, low barriers to entry for perfect competition.
b)
- Kinked demand curve for oligopolies, downward sloping inelastic demand curve for monopolies.
- Only one dominant firm for monopoly, few firms in the oligopoly market.
-  Products by monopolies are unique, products are differentiated for oligopolies.

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(a)	Perfect competition market has more number of firms than oligopoly. Each firm in perfect competition market has little market share ,but each firm in oligopoly has relatively high market share.

(b)	Oligopoly only has few firms in the market but oligopoly has only one firm in the market.
Monopoly has restricted barrier to enter the market while oligopoly has high barriers to entry. Products in monopoly are special while products in oligopoly can be homogeneous or differentiated.

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(a)   Perfect competition market has more number of firms than oligopoly. Each firm in perfect competition market has little market share ,but each firm in oligopoly has relatively high market share.

(b)  Oligopoly only has few firms in the market but oligopoly has only one firm in the market.

Monopoly has restricted barrier to enter the market while oligopoly has high barriers to entry. Products in monopoly are special while products in oligopoly can be homogeneous or differentiated.

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Q4)
a)Perfect competitive market is price taker , unrestricted, many small firm and selling similiar product.
b)Oligopoly is few large firm, it is price maker, it can be different and similiar product, and restricted to entry.
C)Monopoly is only one firm, it has unique product , restricted and price maker.

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Due to the interdependency between firm in oligopoly market, Collusive oligopoly  happens when oligopolistic firm choose to cooperate with one another to maximize its profit.

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Collusive oligopoly is the act where the oligopolistic firms may choose to cooperate with one another because of interdependency. This will maximise the profit of the firms. The demand curve will be downward sloping with no kinked shape.

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Collusive is an act where firms collaborate with each other to set high prices and gain higher profits. The demand curve would be downward sloping with no kinks in between.

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Oligopolistic firms may choose to cooperate with one another because of interdependency by restricting output to increase prices and profits. The firms will agree to stick with P1Q1 which the producers will produce at Q1 only.

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Collusive oligopoly refers to oligopolist cooperate with one another in setting price by not undercutting each other. This will results in both oligopolies gaining maximum profit. In this case, this situation will be similar to monopoly (firm demand=market demand) where demand curve will be downward sloping with no kinked shape.
However, it is illegal as it is not optimizing consumers' welfare.

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Game theory is a theory used to study the decisions of large firms and how it affects other large firms in the oligopoly market. It is essential to oligopolies because they have high market power to control the prices. This means that firms in perfectly competitive market are not able to do this due to their low barriers to entry and the number of competitors available.

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Game theory is the study of the decisions firms made in industry where the profits of a firm rely on its interactions with other firms.

Because in an oligopolistic market, firms are strategic interdependence and they have relatively large market power to control price. Also, there are closed but not perfect substitutes in this market so firms will need to interact with others and keep track on the price set by its competitors and make adjustment on price in order to prevent loss of consumers. In a perfectly competitive market, products are identical, and firms are price takers, so it is unnecessary to play the ‘game’ since their market power is small. and price is fixed.

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Game theory is the study of the decisions of firms in industries where the profits of a firm depend on its interactions with other firms. It is essential to oligopolies due to the interdependency between the oligopolies in the market. Besides, oligopolies have the market power and able to charge different price to its good. However, firms in perfectly competitive market only price taker and unable to influence the price for the market.

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Game theory refers to oligopolies’ dominant strategy by benchmarking one another and undercutting price in the market. This can only be applied in oligopolist as there are only small number of large firms in the market which results in strategy interdependency simply means action of one will affect the profits of another. They have the dominance in the market where more or less they have control over price of goods. However, in perfect competitive markets, firms are price taker indicating they have no control over price and have to accept whatever price is given due to demand is perfectly elastic. Perfectly elastic demand could be linked to the fact of perfect substitutes are available since no barriers to enter such perfect competitive market.

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Game theory is the study of the decisions of firms in industries where the profits of a firm depend on its interactions with other firms.

It is only essential to oligopolies but not to perfectly competitive market because oligopolies has the market power to charge different prices to its goods while firms in perfectly competitive market are only price takers.

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This shape of an Oligopolist’s demand curve, is known as the Kinked Demand Curve.

The kinked demand curve is a theory where:
Oligopolists face a Demand curve that is kinked at the current price:

Where Demand is more ELASTIC above the current price, than below which is more INELASTIC

This is because if an Oligopolists decides to CUT ITS PRICE, its rivals will follow suit to prevent losing customers as well to the first firm, therefore being Inelastic since basically all firms have decided to reduce their price as well.

As for if Oligpolists decides to RAISE ITS PRICE, its rivals will not follow suit in an effort to gain customers from the first firm by charging lower prices than them, therefore the first firm will have an elastic demand curve.

This is also shows the Interdependency between the Oligpolists since the actions of one firm, being the firm that raises or decreases its price in this case, will affect the profits and actions of other Oligopolists within the market.

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This shape of an Oligopolist’s demand curve, is known as the Kinked Demand Curve.

The kinked demand curve is a theory where:

Oligopolists face a Demand curve that is kinked at the current price:

Where Demand is more ELASTIC above the current price, than below which is more INELASTIC

This is because if an Oligopolists decides to CUT ITS PRICE, its rivals will follow suit to prevent losing customers as well to the first firm, therefore being Inelastic since basically all firms have decided to reduce their price as well.

As for if Oligpolists decides to RAISE ITS PRICE, its rivals will not follow suit in an effort to gain customers from the first firm by charging lower prices than them, therefore the first firm will have an elastic demand curve.

This is also shows the Interdependency between the Oligpolists since the actions of one firm, being the firm that raises or decreases its price in this case, will affect the profits and actions of other Oligopolists within the market.

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The kinked D demand curve shows oligopolists face a D curve that is kinked at the current price. D being significantly more elastic above the current price than below. It happens because when a firm is cutting its price, its competitors will forced to lower their price whereas when a firm increases its price , its competitors will not follow the price increase

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The shape of demand curve for an oligopolist is ‘kinked’ because oligopolistic firms are strategic interdependence. The D curve is more elastic above the market price than below because one firm raise the price, others will not follow suit. However, when the firm cuts its price, others will cut the price also to prevent customers lost.Thus, price might set at the inflection point of the curve.

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Kinked downward sloping curve. Demand curve above the kinked point is elastic, and below is inelastic. Whenever a firm increases its price, the others will not follow because they will lose out a large number of customers. However, if the firm decreases its price, the other competitors would follow due to the fact that they will lose their customers to that particular firm since the demand curve below the kinked point is inelastic.

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“Kinked” demand curve is the theory at which the oligopolist face a kinked demand curve at a current price. This is where the demand curve above the current price is elastic while the demand curve below the current price is inelastic. If the oligopolist cuts their price below the current price, the competitors will follow while the competitors will not follow if the oligopolist raise its price to above the current price.

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Kinked demand curve. The oligopolists face a demand curve that kinked at the current price and the demand curve become more elastic above the current price than below. If the oligopolist cut its price, its rivals will follow to prevent losing customer. If the oligopolist increases its price, the rivals will not follow to gain the customer. This also shows the interdependency between the oligopolists.

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Q1
Oligopoly is a market structure where a few firms dominate which none if them can keep the others from having significant influence. Example, smart phone
Q2
the demand curve of an oligopoly is called a kinked demand as the rivals will not change price if the firm raises its price until one point. this creates elasticity. however, as the firm reduces its price, rival will feel forced to lower theirs too so the firm will be less elastic.
Q3
Game theory is the study where people make decisions based on the action of others. It consists of rules that determine what actions are allowable, strategies that the individual do to attain their objective and payoffs that are the results of the interactions among individual's strategies
It applies in oligopoly since the actions of one oligopolist make large differences in the profits of another, which is different from perfect competition where they are price takers

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An oligopoly refers to a few dominant firms competing in the market. For instance, cigarette, cereals, salt and so on. They sell homogeneous or differentiated products.

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Oligopoly is a type of market structure where its similar to monopoly in terms of high barriers for firms to enter the market. It consists only of few firms in dominating the market in offering differentiated and undifferentiated products. Therefore, they have more control over price but not price maker as they have to bench mark each other. In terms of demand curve, they have a downward-sloping and kinked demand curve which signifies demand above its current price is more elastic where demand below its current price is inelastic. Examples of oligopolies are automotive industry, petrol company as well as airlines.

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Oligopoly consists of only a few firms in the same industry. They produce products that are differentiated.
Examples - Telecommunications

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Oligopoly is a market structure with a few dominant firms. The products may be homogeneous or differentiated.
Examples are carbonated drink firms such as Pepsi and Coke. Both companies have a combined share of about 70% in the market.

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Oligopoly is when only a few firms dominate the market .Each of them has relatively high market share.They can be either selling homogeneous product or differentiated product.

Examples are automobile companies likes Toyota, Honda and Mercedes-Benz.

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