Suppose that the firms in an oligopolistic market engage in a price war and, as a result, all firms earn lower profits. Game theory would describe this as what?
an irrational strategy
a prisoners' dilemma
a contestable market© BrainMass Inc. brainmass.com October 10, 2019, 1:01 am ad1c9bdddf
The solution provides a brief answer with some explanation. The explanation is simple and easy to understand.