Discussion Board – Oligopolistic Industries An oligopoly is characterized by a relatively small number of firms offering a similar product or service. Oligopoly products may be branded, as in soft drinks, cereals, and athletic shoes, or unbranded, as in crude oil, aluminum, and cement. The main distinction of oligopoly is that the number of firms is small enough that actions by any individual firm on price, output, product style, quality, introduction of new models, and terms of sale has an impact on the sales of other firms in the industry. Review the Table 12.1 (pg. 416), select a dominant single firm, duopoly firm, and triopoly firm and discuss if you foresee any weaknesses in the three firms you selected that would allow entrance into this market or if one of the firm has enough strength to become a monopoly?

This week for our discussion assignment, we have a video series that deals with a bit of a Cornucopia of economic ideas. These are common "economic myths".Please watch the YouTube Playlist from Learn Liberty : "Mythbusters" After you have completed watching all of the videos, please create a main post answering this central question:"What are the 2 greatest economic myths in your view? Why have those myths perpetuated, and what is the reality?"*** Paper Outline (Use this as a basic outline format) ***How to Cite Sources (Links to an external site.) (Purdue Online Writing Lab) (Note: you do not need to format your writing in MLA format. I am only asking for citations in the MLA format)You must be careful to not espouse your personal opinion and do not just recap (or summarize) the material. Use your writing to demonstrate that you understand the material and that you have completed all of the assigned material. This means you must be broad enough in your analysis to cover all the material while also providing specific examples to support your points. You will want to keep 3 things in mind while you write:Use plain language: Writing in this class will strive towards formal writing that is plain and straightforward. Literary devices such as metaphors, alliteration, or anecdotes are not appropriate for analytical writing.Conciseness and clarity of language: The social sciences (of which economics is a part of) stresses clear, concise prose. You should be able to make connections between empirical evidence and the economic theory that you have learned during this course.Evidence-based reasoning: The social sciences base its arguments on empirical evidence. Personal examples, observations, narratives, or opinions are not appropriate.Avoid Summarizing the material. Here is a link to a page that describes the difference (Links to an external site.) between analysis and summary. After you complete a first main post, then you will need to respond to 2 other students with a follow up post of about 250 words. This is a total of 3 posts. Main post (500 words) and 2 follow up posts (250 words each). Please make sure to refer to the Discussion Rubric, this is how you will be graded for the assignment.Please watch the video below where I talk about what the expectations are for our Discussion Assignments.The 2 extra post are for me todo you do not have to worry about them. just 500 words on your questions baised off the videos