1-26B Dark Knight Oligopoly

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  1. 3. When using game theory, some companies may have a ___ ___ , which is the choice they must make, regardless of what their competitors do.
  2. 4. Marvel has no dominant strategy, because their action will depend upon ___ DC ___ to do. Marvel must react based upon their competitors actions.
  3. 6. 2016, Sprint, T-Mobile, Verizon, & AT&T were the dominant ___ ___ companies in the U.S., making the market an oligopoly.
  4. 7. A company in an oligopoly has a dominant strategy when the profit ___ give them no reason to make any other decision, regardless of competitors actions.
  5. 12. The soda pop industry includes only a few large producers, like Pepsi & Coke, so it is considered to be a ___ .
  6. 14. ___ ___ is the opposite of dominant strategy. It is what happens after a company considers the action of its competitor, in order to maximize profit.
  7. 15. Since the companies in an oligopoly produce similar products, & are competing for the same customers, they will sometimes ___ ___ from each other.
  8. 16. If is best for both prisoners to deny & get 10 years, but they must consider what the ___ ___ is going to do, so they will both confess to avoid the 30 years.
  9. 18. If prisoner 1 confesses & prisoner 2 denies, prisoner 1 will ___ ___ & prisoner 2 gets ___ ___ . Since denying leads to the worst outcome, both will confess.
  10. 19. Since there are only a few companies that produce soft drinks, they are ___ , which means the actions of 1 company directly affects the other companies.
  11. 20. 2 criminals are jailed in separate cells for the same crime. Their decision to plead guilty or innocent is an example of game theory, called the ___ dilemma.
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  1. 1. It is best for the prisoners to both deny, so they get ___ ___ , or both confess, which is ___ ___ . But they don’t know what the other will do.
  2. 2. In addition to soft drinks, airplane, & car manufacturers, the ___ ___ industry is also an oligopoly. Two of these companies produce about ⅓ of all [same].
  3. 5. Sprint might want to raise phone prices. But if they do, customers will go to the other 3 suppliers, proving that ___ will make sure prices stay low.
  4. 8. 2 prisoners and 2 choices leads to 4 total outcomes, which can be displayed in a game theory ___ .
  5. 9. ___ takes place when companies in an oligopoly get together & raise prices artificially, removing competition.
  6. 10. When companies in an oligopoly get together & raise prices artificially, this is collusion. In the U.S., collusion is ___ , since it removes competition & discourages buying.
  7. 11. Having only a few companies in an oligopoly means those companies must study the strategies of their competitors, using ___ ___ .
  8. 13. A ___ ___ companies control all comic book production in the industry, so this makes the comic book market an oligopoly.
  9. 17. Most companies in an oligopoly do not use game theory to analyze prisoners’ decisions. They use game theory to predict their ___ , depending on what their competitors do.