Market structure

An oligopoly is a market structure in which only a few sellers produce similar or identical products. Oligopolies are price-setters and can collude to behave like a monopolist.First, play the simulation game Cournot in the MindTap environment. In this discussion, you will share your experiences playing that game. Your work in this discussion will directly support your success on the course project.In your initial post, include the image of your simulation report in your response. See the How to Submit a Simulation Report Image document for more information. Then, address the following questions:
What are the main features of an oligopolistic market?
How do oligopolies set their prices?
Explain how you can distinguish a firm in an oligopolistic market from one in a monopolistic competitive market. Provide examples to illustrate.
In your responses, comment on at least two posts from your peers by providing examples from the news of oligopolistic markets. Compare and contrast with examples of monopolistic competitive markets.To access your simulations, click the simulation link found in the module.To complete this assignment, review the Module Seven Simulation Discussion Rubric.

Sample Solution

Market structure

Oligopoly is a market structure in which there are only a few sellers (but more than two) of the homogeneous or differentiated products. For example, in India, markets for automobiles, cement, steel, aluminum, etc., are the examples of oligopolistic market. The main features of oligopoly include: new firms, interdependence, non-price competition, barriers to entry of firms, role of selling costs, group behavior, and indeterminate demand curve. Firms in an oligopoly set prices, whether collectively – in a cartel – or under the leadership of one firm, rather than taking prices from the market. Profit margins are thus higher than they would be in a more competitive market.

In William Shakespeare’s poem King Lear, the character King Lear is an aging king with no male heir to inherit his throne, who decides to play a game with his three daughters, Cordelia, Goneril, and Regan in order to determine who would inherit the biggest piece of his land after his death. King Lear was unable to perceive the truth about what was going on in his kingdom. He didn’t realize that Regan and Goneril didn’t love him. They were only pretending while his daughter Cordelia who truly loved her father refused to play the game. This clearly showed a power struggle within the family. The two daughters Regan and Goneril decided to make a run for the power like a government coup. In this poem there is another relationship shown with King Lear and Gloucester. Gloucester is this guy that has two sons Edgar, the legitimate son and Edmund who is illegitimate. Gloucester speaks badly of his illegitimate son Edmund in public. Doing so causes a family rift where Edmund wants to find a way to hurt Gloucester.

This shows another power struggle where the children rise up in some way against their parents. Different circumstances leads to different to different power struggles. Parents are supposed to provide a safe environment for their children. The way a parent handles certain situations makes a great deal of difference. It is stated in the Bible in the 10th commandments Thou shalt honor thy mother and father. The meaning of honoring our parents is a command, which we dare not ignore. But there is a second reason for carefully studying the 5th commandment. Honoring our parents is one of the highest callings and greatest tasks we face in life. In Lear’s situation, the way that his power can be shown as being taken for

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