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Why is game theory used to explain oligopoly behavior

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Reference no: EM131165833

1. What are the characteristics of a monoplolistic competitve market structure?

2. What are the characteristics of an oligopoly market strucuture?

3. Why is game theory used to explain oligopoly behavior?

4. Explain the kinked-demand theory of oigopoly?

5. How do monopolistic competition and oligopoly compare in terms of economic efficiency?

Discussion: In a small city, all the prices of gasoline are the same for a given grade of gasoline. Can this be explained by using the kinked-demand model or does it represent collusion?

Reference no: EM131165833

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