A fundamental characteristic of oligopolies is the tendency for them to follow price leadership and to act in harmony in the setting of prices, while monopolistic competitors will find it possible to earn only normal profits in the long run-this is because entry into the field by rivals is relatively easy. In this discussion, answer the following:
What examples of these characteristics are you aware of?
Are you aware of any real-world situations where these principles are violated?
How can you explain the behaviors at variance to established economic theory?