Lesson Plan

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Lesson Plan
Grade: Date: 17/01/2026
Subject: Economics
Lesson Topic: oligopoly
Learning Objective/s:
  • Describe the key characteristics that define an oligopolistic market.
  • Explain the four principal oligopoly models (kinked‑demand, Cournot, Bertrand, Stackelberg) and their typical outcomes.
  • Analyse how game‑theoretic concepts such as dominant strategy and Nash equilibrium illustrate collusion and price wars.
  • Evaluate the advantages and disadvantages of oligopoly for firms and consumers.
  • Apply an appropriate model to a real‑world example and justify the choice.
Materials Needed:
  • Projector and screen
  • Whiteboard and markers
  • Printed handout summarising oligopoly models
  • Worksheet with Cournot and Bertrand calculations
  • Graph paper or digital graphing tool
  • Case‑study excerpts (auto industry, telecoms)
  • Sticky notes for game‑theory simulation
 Introduction:
Begin with a quick poll: “Which markets do you think are dominated by only a few firms?” Connect responses to prior knowledge of market structures, then state that today’s success criteria are to identify oligopoly characteristics, explain its main models, and use game theory to predict firm behaviour.
Lesson Structure:
  1. Do‑now (5’) – Students list market structures and give examples; share briefly.
  2. Mini‑lecture (15’) – Slides covering oligopoly characteristics and the four models; key equations highlighted.
  3. Model comparison activity (10’) – In pairs, fill a comparison chart (price vs. quantity, assumptions, outcomes).
  4. Game‑theory simulation (15’) – Prisoner’s Dilemma role‑play using sticky notes; discuss dominant strategies and Nash equilibrium.
  5. Cournot equilibrium worksheet (10’) – Calculate quantities and profits for a duopoly; check answers together.
  6. Class discussion (5’) – Summarise advantages/disadvantages and cite real‑world examples.
  7. Exit ticket (5’) – Write one key insight and one lingering question on a slip of paper.
Conclusion:
Recap the main points: characteristics of oligopoly, how each model predicts different outcomes, and the role of strategic interaction. Collect exit tickets to gauge understanding, then assign homework: research a current oligopolistic market and produce a brief analysis applying the most suitable model.