Demonstrate/discuss your theoretical understanding of the characteristics of monopoly and oligopoly, also apply your understanding to provide examples of each of these two market structures.
1. What is the distinguishing feature of a monopoly? How does a monopolistic market retain that distinguishing feature, for example, what prevents it from becoming an oligopoly, or a perfectly competitive industry?
2. What is the distinguishing feature of an oligopoly?
3. Provide an example of a monopoly. Discuss/explain your choice.
4. Provide an example of an industry that, in your understanding, exhibits characteristics of an oligopoly. Discuss/explain your choice.