Question: 1. Explain the following concepts and give one practical example each a. Oligopoly (not more than two paragraphs) b. Cartel (not more than two paragraphs)

1. Explain the following concepts and give one practical example each a. Oligopoly (not more than two paragraphs) b. Cartel (not more than two paragraphs) C. Price leader (not more than two paragraphs) 2. Discuss oligopolies in relation to the following as used in public finance a. Dead weight loss (not more than two paragraphs) b. product differentiation (not more than two paragraphs)

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