Presume that the firms in an oligopolistic market engage

Reference no: EM13686008

Presume that the firms in an oligopolistic market engage in a price war and as a result, all firms earn lower profits. Game theory would explain this as what?

1. An irrational strategy

2. A prisoners' dilemma

3. Price leadership

4. A contestable market

Reference no: EM13686008

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