Consider the oligopoly model. 1. List four major characteristics of an oligopolistic industry. 9.937?" 2. Name a product that you purchase that you think is produced and or sold in an oligopolistic market. . Explain your answer. 3. Now imagine that you and your very good friend are both owners of different companies that produce this product. (You own Company A, your friend owns Company B). Both you and your very good friend own companies of about the same size, and both companies use basically the same technology. You both face Constant Returns to Scale, at a unit price of $4. a. How do you and your friend's Long Run Average Cost curves compare? Use what you have been told in this question to answer. Explain your answer. b. Graph the LRAC that both your company and your friend's company face. 4. The market demand curve for this product is such that at a price of $4 per unit, consumers would be willing and able to purchase 10,000 units of the good. At an output level of 8,000 of the good, consumers are willing and able to pay $7 per unit. Use these two points to graph a demand curve. 5. What happens in this oligopolistic industry? a. What price gets charged? (An exact number is not required, simply compare and explain to the numbers provided in the question.) b. What output is produced? (An exact number is not required, simply compare and explain to the numbers provided in the que stion.) c. What do you and your friend do? Explain very clearly, making reference to: strategic behaviour, cartels, tacit/explicit collusion, cooperative outcomes, and prot