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Please do not copy answer from other sites. Thank you. B. Questions/Short Answers (12 points) 1.What is the distinguishing characteristic of oligopoly in relation to

Please do not copy answer from other sites. Thank you.

B. Questions/Short Answers (12 points)

1.What is the distinguishing characteristic of oligopoly in relation to other forms of market organizations?

2. What are the advantages of the HHI over concentration ratios in measuring the degree of concentration in an industry?

3.What is the Bertrand model? What is its relationship to the Cournot model?

4. What is the Stackelberg model?

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