1)Explain oligopoly.

2)A firm wishing to acquire a monopoly position would be willing to spend up to its anticipated monopoly profit in rent-seeking activities. True or False?

1)An oligopoly is a market structure in which there are few firms and many buyers in the market. It's also a market structure with barriers to entry and exit into and out of the market. An oligopoly market structure also possesses several other characteristics, including the firms making their own decisions on prices of their products depending on their influence in the market. New firms that wish to enter an oligopoly market structure may find it challenging due to entry and exit barriers and the inability to influence the market.

2)

False.

If the firm wishes to acquire a monopoly position the firm should not rely on rent-seeking activities instead the firm should acquire another firm competitor to eliminate competition. And produce a unique product.