ECON 315 FINAL Concepts Complete Verified Solutions Graded A+ 2023
ECON 315 FINAL Concepts Complete Verified Solutions Graded A+ 2023 Chapter 9: Basic assumptions of Oligopolies Oligopoly - Few firms in the market - The actions of one firm are considered by other firms when making decisions (Quantity of Output) Duopoly 2 firms Cournot Oligopoly In case of collusion, act as monopoly: MR = MC Stackelburg Oligopoly One firm leads the market and the others follow Chapter 10: Game Theory Game Theory if a strategy is always better regardless of what other firm does, it is a a dominant strategy Nash Equilibrium If a firm does not have a dominant strategy, it will check to see if other firm has a dominant strategy. If it does, then it eliminates the non dominant strategy choice for other firm Secure Strategy Firm tries to avoid worst possible outcome Random Strategy
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- Institution
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Liberty University
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ECON 315
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- May 11, 2023
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Subjects
- econ 315 final
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econ 315 final concepts complete verified solutions graded a 2023
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