a)What is the cooperative outcome? Would the firms make more economic profit if they collude to achieve

a)    What is the cooperative outcome? Would the firms make more economic profit if they collude to achieve

the cooperative outcome?

b)    Describe the characteristics of an oligopoly.

c)     What market structures other than oligopoly have the characteristic of one firm's actions affecting the actions of its competitors? Explain your answer.

d)    "If firms in duopoly collude and operate as a monopoly, the industry produces more output compared to the Nash equilibrium." Is this statement true or false? Explain.