Discuss why oligopolists have a strong incentive to collude
Discuss why oligopolists have a strong incentive to collude and to cheat on collusive agreements and discuss the obstacles to collusion among oligopolistic companies.
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Explain the impact of time on the elasticity of market supply and discuss the role of profits and losses in a purely competitive market.
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Describe how a profit-maximizing monopolist sets prices and determines output and discuss price and output under oligopoly, with and without collusion.
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Contrast the pricing and output decisions of firms in pure competition, monopolistic competition, oligopoly, and monopoly with reference to quantity produced, price, marginal revenue, marginal cost, demand and average total cost.
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