there are many different models of oligopoly because: beliefs are not incorporated in oligopolistic competition and oligopoly is the most complicated type of market structure. oligopoly is the most complicated type of market structure. beliefs are not incorporated in oligopolistic competition. firms do not maximize profits in oligopolistic competition.

Beliefs play an important role in oligopolistic competition and oligopoly is the most complicated type of market structure

Explanation:

When the small or large group of sellers combine and form a market with mutual proceedings, oligopolies are formed. It is formed to reduce the competition among the sellers. This leads to a rise in the price for the consumers as all the sellers agree on the same plan.

One of the characteristics of Oligopolies is mutual inter-dependency. All firms have beliefs and are interdependent. The decisions like pricing, output, and advertising are all decided upon by the other firms.