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2. (Worth 33 points) (Required Question) For this question, please do the following: Explain what is meant by an Oligopoly. Provide an example of a real-world industry that you think is an oligopoly, and offer logical reasons as to why you think the category fits that industry. Explain the Kinked-Demand Curve (Sweezy's) model of oligopoly. Why does this model conclude that oligopolists are reluctant to compete with each other on the basis of product price? In connection with the predicted outcomes from the kinked-demand model, McGuigan offers six different strategies that oligopolists can use to aviod the profit-reducing effects of price wars. Fully describe three of McGuigan's suggested alternatives to direct price competition Game-Theory offers a variety of models and scenarios to predict how interdependent oligopolists will choose competitive strategies. In the Game-Theory Payoff Matrix presented below, assume the managers of Mustang.Net and Pinto.Com are both rational risk-averse decision-makers who make choices based on a Maxi-Min game strategy. Also assume that the managers of both firms must choose their own price strategy (High or Low Price) without knowledge of the strategy that their competitor will select.. o Explain which combination of price strategies will dominate, and why. In your answer, fully and accurately describe the reasoning that these managers will use to make a final choice on their respective price strategies. o Finally, explain how this game-theory matrix is an illustration that the strategic decisions of oligopolists are considered to be "interdependent. Profit Payoff Matrix in a Two-Firm Oligopoly: Assume the managers of both firms are conservative maximizers of minimum total profit (TP) Price Strategy for Mustang.Net Offer a High Price Offer a Low Price Mustang.Net TP = $200 Mustang.Net TP = $350 Offer a High Price Pinto.Com TP = $200 Pinto.Com TP = $50 Price Strategy for Pinto.Com Mustang.Net TP = $50 Mustang.Net TP = $75 Offer a Low Price Pinto.Com TP = $350 Pinto.Com TP = $75