Week 6 Discussion COLLAPSE Top of Form Game Theory-Sequential Games are Played in Business All the Time. So what is Game Theory and how do businesses uses games? Here is some help from Dr C. https://cdnapisec.kaltura.com/index.php/extwidget/preview/partner_id/956951/uiconf_id/38285871/entry_id/1_x4lxfbpw/embed/dynamic In the text, we consider a sequential-move game in which an entrant was considering entering an industry in competition with an incumbent firm (See Figure 15-1). Consider now that the entrant, if fought, has the possibility of withdrawing from the industry (at a loss of 1 for the entrant and a gain of 8 for the incumbent), or staying at a loss of 5 for each player). What is the equilibrium of this game? Discuss if the entrant is better off with or without the ability to withdraw. PLEASE DO NOT RELY ON WIKIPEDIA, INVESTOPEDIA OR ANY OTHER PEDIA AS A REFERENCE AT ANYTIME IN THIS COURSE. FOR THE MAXIMUM POSSIBLE CREDIT OF 20 POINTS, YOU MUST COMPLETE ONE POST AND ONE FOLLOW-UP/REPLY. MAKE SURE BOTH THE POST AND REPLY FOCUS ON THE QUESTIONS ASKED.

Topic: Market PowerWrite a one to two page paper, addressing the following:1-a. Describe in your own words the concept of market power.b. What are the three reasons that a market might have a Monopoly? c. Give an examples of two monopoly Firm exercising its market power.2- Post the above introduction to the Class Discussion Board.3-Respond to the postings of two of your classmates.word format no matching ratioReference