Review the content, Game Theory and Oligopolies https://rise.articulate.com/share/bUSDAx3LrG6SNdPWYxA9o8RB5UZ-1UPx#/lessons/htdQyf7OXbiMi5tqSfU_N_pV0mBmyMKv
then respond to the questions provided below. You may work as a group in this open discussion area, however, submit your individual response to the assignment folder, Assignment: Game Theory and Oligopolies.
- Will the firms in an oligopoly act more like a monopoly or more like competitors? Briefly explain.
- Does each individual in a prisoner’s dilemma benefit more from cooperation or from pursuing self-interest? Explain briefly.
- Define Nash Equilibrium and how it can be applied.
- What stops oligopolists from acting together as a monopolist and earning the highest possible level of profits?