Based on your group discussion on Game Theory and Oligopolies, provide the following answers:
- Will the firms in an oligopoly act more like a monopoly or more like competitors? Briefly explain.
- Does each individual in a prisoners 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?
Assignment Formatting
- Microsoft Word document
- 12-point font (Times New Roman or Courier)
- double-spaced
- 1 inch margins all around with page numbers
