- Define what is meant by an "oligopolistic market" and give an example of an oligopolistic markets (i.e European Low Cost Airlines Market)
- Identify the characteristic of an oligopolistic market - this includes how profitable the market is, the efficiencies in the market
- Analyse the Kinked Demand Curve Model and explain the importance of an interdependence. Draw the kinked demand curve.
- Define contestability and name a known market structure (I recommend Perfect Competition)
- Identify the characteristic of a contestable market (perfect competition) - this includes how profitable the market is, the efficiencies in the market (both in the Short Run & Long Run)
- Analyse the perfect competition model both in the short run & long run
- Compare the outcomes of an oligopoly & perfect competition and what it means for consumers
- Collusion in an Oligopoly Market - can be modelled as a monopoly. Identify the characteristic & analyse what a collusive oligopoly / monopoly would mean for consumers by the profitability & efficiencies. By doing this you draw the monopoly market structure showing the outcome of both the competitive and monopoly firm.
- How realistic is the perfect competition model