Problem
1. Explain why economic theory predicts that collusion to rig the market against consumers will be far more prevalent under oligopoly than under monopolistic competition.
2. What are the major factors that influence the profitability of an oligopolistic firm? Does an oligopolist have an incentive to produce efficiently, that is, to be "cost conscious"? Why or why not?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.