The written submission should reflect your understanding and application of the key concepts of the Market structure of Oligopoly. It is expected of no more than TWO pages including text and diagrams, and adhere to the academic presentation requirements. Be concise and clear.
Students are encouraged to work with each other to learn the relevant concepts; the submitted work must be of individual student’s own work.
Students must answer all three questions.
Please research the newspapers or journals and find a company from an industry that approximate the market structure of Oligopoly; use the concepts you have learned about Oligopoly to answer the questions below:
1. Explain the characteristics of your chosen industry. (4 marks)
2. Use a hypothetical profit matrix to explain the chosen industry’s application of the Game Theory in their price strategy; specifically what are the Nash Equilibrium and the Optimum Equilibrium (6 marks)?
3. Explain why firms in an Oligopoly industry tend not to use price to compete (5 marks). Evaluate the effectiveness of the chosen industry’s non-price competition strategy (5 marks).
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