Oligopoly is the other form of imperfect competition. In this case the scale tilts more in favor of monopoly power. In Oligopoly there are a few large firms in the industry. These firms have considerable economic power. Oligopoly is a market structure found in all parts of the modern world. When oligopolistic firms get together formally it is known as a cartel, define and explain how cartels operate and provide reasons for their possible failure. Use relevant examples.

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