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Explore the concept of oligopoly in this 48-minute lecture from MIT's Principles of Microeconomics course (Fall 2023), taught by Prof. Jonathan Gruber. Understand how a small number of companies can significantly control market prices, using the auto industry as an example. Delve into game theory and the Cournot model to analyze strategic interactions between firms in oligopolistic markets. Learn about market structures, cooperation strategies, cartel formation, and competition dynamics in markets dominated by few sellers. This lecture is part of MIT OpenCourseWare's complete microeconomics series available on their website and YouTube playlist.
