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An oligopoly refers to the economic situation where there are several firms in the industry producing a product whose price is dependent on the quantity. Examples include larger firms in computer, chemical, and automobile etc. Cournot was the first economist to explore and explain the oligopolistic competition between the two firms in an oligopoly. He put forward the idea of duopoly problem and the non- cooperative behavior of the firms. Later in 1934, Heinrich F. von Stackelberg came up with another model that explains the strategic game through which the firms in an oligopoly decide the level of output in a sequential manner. This essay aims to evaluate the usefulness of Stackelberg Model in explaining the behavior of firms in oligopolistic markets. Moreover, through economic diagrams and relevant theories, it will be discussed that how realistic the model is in today’s world

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