Game theory is not necessary for understanding competitive markets but is quite useful in understanding the behaviour of:
A)oligopolies
B)monopolies
C)oligarchies
D)competitive markets

Question

Quizplus · Accepted Answer

Game theory is most useful in understanding the behavior of oligopolies, which are industries dominated by just a few large firms. In such markets, firms must take into account the potential actions and reactions of their rivals when making decisions about things like pricing and marketing. Monopolies and competitive markets may also be studied using game theory, but it is not essential for understanding those markets.

Game Theory Is Not Necessary for Understanding Competitive Markets but Is