School motivation

Oligopoly market
Basic features
Verse 1
1 .The market is dominated by few large firms with one firm having a bigger share
2. Firms make super normal profits in the long run
3. There's non price rivalry or competition
4. Each firm should have some significant knowledge about the other firm's action
5. There's a lot of interdependence
6. Firms face demand curves which are elastic and inelastic.
Chorus
Master, Know and They will help you in the future
Every day practice and you'll be the hero.
Verse 2
Coming to Duopoly models
To start with these are two Firms models developed by Augustin Cournot
Now these are assumptions
1. Firms make symtaneous and independent output decisions
2. Each of the two firms consider output of the other to be fixed and makes it's own decisions as regards to the output
3. Strategic interactions between a firm's profit maximisation level of output and the rivals output constitute the reaction curves
Now note that total output in this market is equal to Q= Q1 + Q2 and MC equal to MR
Chorus
Master, Know and They will help you in the future
Every day practice and you'll be the hero.