Please answer the following questions based on the articles
1. Discuss how the theory of cartels and joint profit maximization presented in this chapter applies to the behavior OPEC? (page 269 on Attachment)
2. (A) Describe how the ice cream industry fits the oligopoly model
(B) How does the government influence oligopolistic behavior?
(C) Do Oligopolists always compete on the basis of price? (page 269-270 on Attachment)
In this article we can see that two major competitors are beginning to dominate the market. This closely fits with a olipologistic model, where only a couple large companies compete for market share. Each firm is closely watching what the others do and is trying to gain an advantage.
We can see two ways that the FTC has influenced the market. ...
Oligopolists and profit maximization