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inessss [21]
2 years ago
15

The Nash equilibrium in an oligopolistic market is generally ________ for society than the outcome under collusion because the p

rice is ________ marginal cost. a. better; closer to b. worse; equal to c. better; further above d. worse; further above
Business
1 answer:
FinnZ [79.3K]2 years ago
8 0

The Nash equilibrium in an oligopolistic market is generally worse for society than the outcome under collusion because the price is equal to marginal price.

<h3>What is Oligopoly?</h3>
  • A market structure which has a small number of enterprises and none of which can prevent the others from having a large impact known as an oligopoly.
  • The market share of the major companies is calculated using the concentration ratio.
  • Basically, a market with a monopoly has just one producer, a duopoly has two businesses.
  • An oligopoly has three or more businesses. Although there is no exact maximum limit to the number of businesses in an oligopoly.
  • Mainly, there must be few enough that the decisions of one business have a big impact on the others.
<h3>What is Nash Equilibrium?</h3>
  • The Nash equilibrium is the most popular technique in game theory to describe the outcome of a non-cooperative game involving two or more participants.
  • Each player in a Nash equilibrium is considered to be aware of the equilibrium strategies of the other players, and changing one's own strategy will not benefit anyone.
  • Nash Equilibrium shares its name with the mathematician John Forbes Nash Jr.

Know more about Nash Equilibrium brainly.com/question/13026299

#SPJ4

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