Game theory is a valuable tool for analyzing strategic interactions among players in situations like oligopoly. The concept of dominant strategy and the classic example of the Prisoner's Dilemma shed light on how individual rationality can lead to suboptimal outcomes. The practical example of a cell

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Introduction to oligopoly, a market structure between perfect competition and pure monopoly. In oligopoly, only a few sellers offer similar or identical products, leading to a balance between cooperation and self-interest. Characteristics of an oligopoly market include interdependence among firms an

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The Cournot Duopoly Model, named after Augustin Cournot, is an economic model where competing firms independently choose quantities to produce simultaneously. It strikes a balance between monopoly and competition, resulting in stable Nash Equilibrium. While advantageous, it has limitations due to un

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This content delves into oligopoly, a market structure characterized by high concentration ratios and strategic interactions among a few sellers. It explores market concentration ratios in various U.S. industries, strategic behavior in oligopoly, and the challenges of collusion. Through examples lik

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Market signifies a space where buyers and sellers interact to exchange goods for money. In economics, it refers to the entire region where such transactions occur. Markets can be classified based on geographical location, period of existence, and the number of buyers and sellers. Various market type

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