What distinguishes oligopoly from monopoly competition , writing homework help

Please answer each question in at least a paragraph. Use real world examples and be as clear as possible.

1. What distinguishes oligopoly from monopoly competition? Explain how price leadership might evolve and function in an oligopolistic industry.

2. What is meant by technological advance and how does the concept impact firms in the long run? Distinguish between invention, innovation and development and provide an example of each.

3. What types of industries should be subjected to industrial regulation? What specific problems does industrial regulation entail? Why might an inefficient combination of capital and labor be employed by a regulated natural monopoly?

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