1. Define oligopoly. Illustrate scale-economy barriers to entry.
  2. Explain the entry dilemma in oligopolistic industries.
  3. What kinds of industries are characterized by large capital requirements barriers to entry?
  4. Identify three sources of absolute-cost barriers to entry.
  5. How can product differentiation be a barrier to entry?
  6. Why are concentration ratios so important in the study of oligopoly?
  7. Distinguish between cooperative versus non-cooperative behavior.
  8. What is the difference between explicit versus tacit collusion? Which one is illegal in the United States?
  9. What are some ways that executives tacitly collude?
  10. Describe the Cartel Model and explain the pricing rule.
  11. Explain and provide examples of the Price Leadership model.
  12. Illustrate the Kinked Demand Curve model.
  13. What is the guiding philosophy of game theory?
  14. What does the Prisoner’s Dilemma game demonstrate? Explain how it works.
  15. Apply the Prisoner’s Dilemma to the case of duopoly.
  16. What is a Nash Equilibrium? Why is this concept important?

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