Principles of Economics, 7th edition, Jeff Holt ISBN: 978-0-7380-9492-2 2019 Macmillan Learning Curriculum Solutions Define: monopolistic competition, product differentiation, oligopoly, cartel theory Describe how 'product differentiation' benefits a monopolistic competitor Describe the 'Kinked Demand Curve' theory. Discuss two reasons why cartels are difficult to maintain. Provide 'real world' examples of monopoly, oligopoly, and cartel Using the 'prisoners dilemma' example 13, what is the dominant strategy for both Bo and Luke