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4 January, 15:30

Game-theory analyzes oligopoly behavior by using concepts derived from the study of games-of-chance such as dice games, solitaire, and roulette. True or false?

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  1. 4 January, 15:55
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    False

    Explanation:

    Game theory uses the prisoner's dilemma to analyze oligopoly behavior, not games of chance like dice or roulette.

    Oligopolies must select strategies by always considering the possible responses from their competitors, and they do not know what those responses may be. This is why the game situation that oligopolies face are very similar to the prisoner's dilemma.
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