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Primary concern of game theory in economics

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Reference no: EM132290320

Please answer the following:

1. Define a dominant strategy?

2. What is the primary concern of Game theory in economics?

3. What is a pay-off in game theory setting?

4. What are the characteristics of prisoners' dilemma case in game theory?

5. Define Oligopoly market structure?

6. What is the characteristic of monopolistic competition?

7. Define a Duopoly market structure?

8. Compare and contrast monopolistic competition and perfect competition?

9. Compare and contrast the Oligopoly market and perfect competition.

10. Define Nash equilibrium.

11. What is the likely outcome of the prisoners' dilemma

12. Define collusion in game theory setting.

Reference no: EM132290320

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