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1. Frank owns a cafe along Chapel Street, where there are 10 other similar cafes within walking distance. What type of market structure is Frank competing in? Explain
2. Address four (4) strategies Frank can use to increase his chances of making an economic profit in the short run.
3. Is it possible for Frank to make an economic profit in the long run? Explain.
4. Define and explain the importance of barriers to entry/exit.
5. Describe two (2) natural barriers to entry likely to exist in an oligopoly market structure?
6. Define and explain why game theory is use to analyse a firm in an oligopoly market.
7. Use the game theory matrix to illustrate a strategic decision you made recently.
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