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Explain how Game Theory is used to determine what price an Oligopolistic Firm would charge when all forms of collusion are illegal.

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Chika Ilonah
Chika IlonahLv10
30 Sep 2019
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Related questions

11) For the Oligopoly Market Structure

a) List and explain the characteristics of oligopoly and compare them to the characteristics of the other 3 market structures.

i) The oligopoly market structure is one of the most significant types in our economy. Please discuss the oligopoly market structure, and list and explain the characteristics.

b) List and explain the conditions under which the Oligopolistic firm achieves profit maximization and loss minimization. Be thorough.

i) Using the MR MC approach, discuss how to determine when the oligopolistic firm maximizes profit or minimizes loss in the kinked demand curve model.

c) You work for a firm that is a member of an oligopoly market.

i) Explain the issues of collusion.

(1) Here you should discuss the role collusion (in its various types) and how the firm might deal with the issue.

ii) Explain game theory and how the firm might use this tool to achieve its business goals

Regarding the Sherman Act:

A. Section 1 makes collusion illegal. Is this socially desirable? Are there any conditions under which collusion can be socially desirable? Explain.

B. Section 2 makes it illegal for a firm to attempt to monopolize a market. Is this socially desirable? Are there any conditions where such an attempt is socially desirable? Explain.

c. You work for a firm that is a member of an oligopoly market.

i. Explain the issues of collusion.

1. Here you should discuss the role of collusion (in its various types) and how the firm might deal with the issue.

ii. Explain the game theory and how the firm might use this tool to achieve its business goals.

 

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