Assignment task: Suppose that a market is an Oligopoly. 1. Explain what an Oligopoly is and how it is different from Monopolistic Competition. 2. Describe a real world Oligopoly. Indicate the firms and explain how they compete. 3. What is unique about individual firms' decision-making in Oligopolies? 4. Can firms in Oligopolies earn an economic profit? Explain. 5. Suppose these firms collude and form a cartel. Using a real life example, explain how a cartel can be stable over the Long Run. 6. What incentives are there for a cartel to break apart? 7. Suppose that the cartel breaks apart and the firms engage in very active price competition, as if they were in a perfectly competitive market. Explain how the market price and quantity is now different from under the cartel. Please include references and in text citations