Hi Everyone! Total Your Cost R\""'d Production Production For Barrel Your Prot 24 $60 $64 This week's simulation helped me to visualize how production levels among firms can affect overall profit. Although it could have been tempting to produce more products to make more profit, keeping my production levels modest allowed me to make a larger profit than I would have if I had produced many barrels. The main features of an oligopolistic market include interdependent firms, price- setting ability. maximized revenue, barriers to entry, few sellers. and tensions among firms between cooperation and self-interest. Oligopolistic markets act as a group of competitive firms. Oligopolies set their prices by forming a cartel and acting as monopolists. They set high prices and low output. Oligoplolists collude to influence and set prices. Oligopolistic markets are made up of few sellers whereas a monopolistic competitive market has many. Oligopolistic markets sell products that are very similar and monopolistic competitive markets sell at least slightly different products. Additionally, oligopolistic markets have high barriers to entry whereas firms in monopolistic competitive markets enter and exit freely