2. An oligopoly is a market in which a market or industry is controlled by a small number of dominant firms. Classify whether the following examples belong to an oligopoly or not. Why do you classify so?
(a) Petroleum industry
(b) Gasoline stations in St. Louis
(c) Commercial airlines
(d) Cigarettes industry
(e) Cattle industry
3. A monopoly exists when a specific firm is the only supplier in an industry. Give two examples.
4. A cartel is an agreement between competing firms to control prices, divide market geographically or exclude entry of a new competitor in a market.
(a) Is a (private) cartel illegal in the US?
(b) Is an international cartel illegal?
(c) Give one example of an international cartel