What is unique about individual firms' decision-making in Oligopolies? Can firms in Oligopolies earn an economic profit? Explain. Suppose these firms collude and form a cartel. Using a real life example, explain how a cartel can be stable over the Long Run. What incentives are there for a cartel to break apart? Suppose that the cartel breaks apart and the firms engage in very active price competition, as if they were in a perfectly competitive market. Explain how the market price and quantity is now different from under the cartel