Posted: September 29th, 2022

Journal introduction:

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Journal Introduction:
Read the article Oligopoly at https://www.economicshelp.org/microessays/markets/oligopoly/ Links to an external site. Also read the article at 9 Best Examples Of Oligopoly In 2022 https://www.rankred.com/examples-of-oligopoly/Links to an external site. and select one of the businesses presented as examples – preferably one that you have utilized or purchased in the past.
Journal Prompt/Question:
For this journal, explain what product (industry) you selected.
Now assume that there is a price war in that industry. Would it encourage new entrants into the market?
How much more of the product would you buy if the price were lower (this is what impact on demand would there be)?
How would the price war change production in the long run and in the short run?
Instructions:
Write approximately 250 words in this journal to explain the concepts of oligopolies. You may post directbcily in the text box.

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