The Nash Equilibrium was used in class to model Bertrand non-cooperative oligopoly behavior.
What is oligopoly?
A market structure known as an oligopoly has a small number of companies, none of which can prevent the others from having a major effect. The market share of a largest companies is calculated using the concentration ratio.
A market with a monopoly has just one producer, a duopoly does have two businesses, and an oligopoly has three or more businesses. The maximum number of firms inside an oligopoly is unknown, and it must be low enough so that each firm's actions have a significant impact on the others. In the past, oligopolies have existed in the steel industry, the oil industry, the railroad industry, the tyre industry, grocery store chains, as well as the wireless industry.
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