Topic 5:

Question 1

Nash equilibrium.

Answer 1

No player can improve their outcome by changing their strategy assuming that the other players will leave their strategy unchanged

Question 2

Nash equilibrium.

Answer 2

No player can improve their outcome by changing their strategy assuming that the other players will leave their strategy unchanged

Question 3

Monopoly.

Answer 3

One company controls the supply side of the market.

Question 4

Monopsomy.

Answer 4

One company controls the demand side of the market.