1.Why do oligopolies exist? List five or six oligopolists whose products you own or regularly purchase.

2.What is the Hoteling model of oligopoly? What unique variable does it include? Explain. (Consult the "additional treading" for the answer.)

3.Why would firms join oligopoly consider joining a cartel? What does a cartel do that firms in oligopoly acting independently cannot do?

4.How might fast-changing technology reduce some of the barriers to entry? Cite specific examples.

5.What distinguishes oligopoly from monopolistic competition?

6.Explain what is meant by a kinked demand curve. Why is it kinked? . (Consult the "additional treading" for the answer.)

7.What barriers to entry would a firm face in competing with

a)Amazon in online retailing

b)Walmart

c)Apple in smartphones

d)Con Edison

e)Google in online advertising

8.Describe the "five competitive forces" model.