QUESTIONS FOR REVIEW
1. If a group of sellers could form a cartel, what quantity and price would they try to set?
2. Compare the quantity and price of an oligopoly to those of a monopoly.
3. Compare the quantity and price of an oligopoly to those of a competitive market.
4. How does the number of firms in an oligopoly affect the outcome in its market?
5. What is the prisoners’ dilemma and what does it have to do with oligopoly?
6. Give two examples other than oligopoly to show how the prisoners’ dilemma helps to explain behavior.
7. What kinds of behavior do the antitrust laws prohibit?
8. What is resale price maintenance and why is it controversial?
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