1. What is Oligopoly? Also, explain the following.
   1. Why it exists, and why it is so common.
   2. How Oligopoly differs from Monopolistic competition.
   3. What the kinked demand curve theory is and what it purports to explain (draw a diagram to help make your answer clear).
   4. What it means to say Oligopoly is strategic and how the prisoner's dilemma seems to capture the situation of oligopolistic firms.