Describe the behaviour of oligopolies
Problem: Is there a satisfactory theory that describes behaviour of oligopolies discuss?
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What would be the outcome if LuthorCorp behaves as a competitive firm in the market for anti-virus programs, but remained an oligopoly purchaser of labor? Once again, solve for Q, L, w, P, PI, and CS.
Suppose Firms A and B sells competing products and is deciding whether to undertake advertising campaigns. Each firm will be affected by its competitor decision. The possible outcomes of the game are illustrated by the payoff matrix below.
a) Determine the market equilibrium price in Canada dollars and the market equilibrium quantity in millions of kg per year.
1) Is there a dominant strategy for Firm 1? If so, what is it? 2) Is there a dominant strategy for Firm 2? If so, what is it?
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