a.List and explain the characteristics of oligopoly and compare them to the characteristics of the other 3 market structures using a grid.
b. Explain which oligopoly model best lends itself to the use of the MR MC approach and why.
c. Explain in detail the steps required to determine the optimal level of output for the oligopoly market structure model that best lends itself to the use of the MR MC approach.
d. Explain in detail the steps required to determine the product price that corresponds to that optimal level of output.
e. Explain in detail the steps required to determine if maximum profit or minimum losses have been achieved. Be sure you include the role of ATC and AVC.
f. You work for a firm that is a member of an oligopoly market. Explain in detail the issues of collusion and why collusion would be attractive to those firms.
g. You work for a firm that is a member of an oligopoly market. Explain game theory and how the firm might use this tool to achieve its business goals