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What are the important forms of product differentiation?
There are three significant forms of product differentiation, which are:
1. Differentiation through style or type – Sedans verses SUV’s
2. Differentiation through location – Dry cleaner near home verses cheaper dry-cleaner far away
3. Differentiation through quality – Ordinary ($) verses gourmet chocolate ($$$)
What do meant by Monopolistic competition? Monopolistic competition is a market structure wherein: 1. There are several competing producers into an industry, 2. Every pro
How do I eliminate weakly dominated strategy
A sub game excellent Nash equilibrium is an equilibrium such that players' methods represent a Nash equilibrium in each sub game of the initial game. it should be found by backward
Explain oligopoly's structure and use game theory to explain why oligopoly firms tend not to use price to compete. Answer- Oligopoly is an imperfect market where there are
The title of a "player" who selects from among her methods randomly, primarily based on some predetermined chance distribution, instead of strategically, primarily based on payoffs
Scenario Any game during which the identity of the player doesn't amendment the ensuing game facing that player is symmetric. In different words, every player earns identical pa
This condition is based on a counting rule of the variables included and excluded from the particular equation. It is a necessary but no sufficient condition for the identi
A game frequently displayed in tv police dramas. 2 partners in crime are separated into separate rooms at the police station and given an identical deal. If one implicates the oppo
James and Dean are playing the Chicken game. They have noticed that their payout for being perceived as "tough" depends on the size of the crowd. The larger the crowd, the "cooler"
Rollback equilibrium (b) In the rollback equilibrium, A and B vote For while C and D vote Against; this leads to payoffs of (3, 4, 3, 4). The complete equil
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