Firms in a cartel "cheat" by selling more output than they are supposed to.
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Q4: Game theory is concerned with identifying optimal
Q5: The prisoners' dilemma refers to a situation
Q6: A tit-for-tat strategy cannot be successfully employed
Q7: The prisoner's dilemma provides an explanation for
Q8: The prisoner's dilemma is unable to explain
Q10: A credible threat is one that is
Q11: Tit-for-tat is a strategy that cannot be
Q12: Decision trees represent strategies and outcomes in
Q13: The technique of backward induction involves starting
Q14: The strategy of being the first to
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