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Author Question: What is game theory and what light does it shed on the issues faced by duopolists? What will be ... (Read 50 times)

burton19126

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on: Jun 29, 2018
What is game theory and what light does it shed on the issues faced by duopolists?
 
  What will be an ideal response?

Question 2

If the marginal social cost of a television exceeds the marginal social benefit of a television, it would increase society's total surplus to decrease production of televisions.
 
  Indicate whether the statement is true or false


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cuttiesgirl16

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Game theory is a tool economists use to analyze the behavior of oligopolistic firms because game theory is a tool to study strategic behavior. Game theory shows that because these firms are interdependent, the decisions they make to promote their own self-interest can wind up harming all the firms. The dilemma faced by duopolists is illustrated using game theory: Firms looking to earn for themselves the maximum possible profit can wind up earning less profit than if they had behaved less self-interestedly and more cooperatively.

Answer to Question 2

TRUE


burton19126

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

LVPMS

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Reply 3 on: Yesterday
Excellent

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