Oligopolies are industries with few competitors and high barriers to entry

Oligopolies are industries with few competitors and high barriers to entry. Firms in oligopoly share a very peculiar relationship. Using game theory and the kinked demand curve, explain this relationship and why you believe firms behave this way. (5 marks) (b) The COVID-19 pandemic brought with it not only health issues but many economic dilemmas. One major problem that was experienced all around Australia was the shortage of certain products from supermarket shelves. With you understanding of economic concepts and with the aid of diagrams, explain why this had occurred. Do you think it was rational for consumers to behave this way?