What is the approach used by economists to analyse competition among oligopolists?

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Quizplus · Accepted Answer

Game theory is the approach used by economists to analyse competition among oligopolists. This involves analyzing the strategic behavior of firms within the industry and the interdependence of their decisions. Marginal analysis is a broader economic concept that involves analyzing the incremental changes in cost and benefit with respect to changes in quantity. Oligopoly theory is a subfield of industrial organization that studies the behavior of firms in oligopolistic markets. "Competition among the few" is a colloquial term for oligopoly and not a specific approach or theory.

What Is the Approach Used by Economists to Analyse Competition