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1. Digital Study Guide, written by William Walstad
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After reading this chapter, you should be able to:
- List the characteristics of monopolistic competition.
- Explain why monopolistic competitors earn only a normal profit in the long run.
- Describe the characteristics of oligopoly.
- Discuss how game theory relates to oligopoly.
- Relate why the demand curve of an oligopolist may be kinked.
- Compare the incentives and obstacles to collusion among oligopolists.
- Contrast the potential positive and negative effects of advertising.
- (Appendix) Utilize additional game-theory terminology and applications.