the question and the expecations are included in the requirements section

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Game theory is a mathematical technique used to analyze the behavior of decision makers. Explain why economists use game theory. Give an example of a game theory that illustrates a case where individually rational behavior leads to a jointly inefficient outcome. Explain under what condition oligopoly firms may find themselves in a prisoner’s dilemma.

Now, provide feedback to your classmates on the answers they have provided. Do you agree or disagree with their answers?


Expectations

  • Length: A minimum of 400 words, not including references
  • Citations: At least one high-level scholarly or professional reference in APA format

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