The first possibility he is considering is a high-end steakhouse that would cater to individuals and groups seeking a fine-dining experience. The restaurant would serve the highest-quality meats available exclusively from an international supplier as well as premium wines and distilled products. Mr. Harvey believes that such a restaurant would be successful because there are only two other first-class steakhouses in the area and because he would have an exclusive area-wide right to acquire goods from the acclaimed international supplier. May Askew's draft report is presented below. You are to review and, if needed, correct Ms. Askew's draft report. We conclude that a steakhouse restaurant in our community would operate in an oligopolistic market. The characteristics of an oligopoly market have direct implications for a firm that operates in such a market. Specifically, firms in an oligopoly market must focus considerable strategic attention on the actions and anticipated actions of other firms in the market in order to stay competitive. Choose an option below: [Original text]The firms tend to engage in price competition and use nonprice competition, including focusing on the quality of their good/service, customer relations, loyalty programs, and the like. The firms tend to engage primarily in price