What is an oligopoly and how do firms behave and conduct themselves in this market structure? What are cartels and what is a really famous cartel in the oil industry? What is game theory and describe in detail the different games discussed in the textbook. What is the Nash Equilibrium and why is it so often the strategy chosen by a player?

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Q: Example 9.(Sequential Price Competition) There are two firms in a market, firm 1 and 2. Firm i = 1…

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