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Running head: MARKET GAME THEORY
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Topic MARKET GAME THEORY.
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Introduction
An oligopoly is an older market model compared to a monopoly model. Instead of one
firm overriding the share in a market with more than one firm controlling markets, most firms
control the market and most of the resources of production. For example, in the phone industry,
Verizon and AT&T prominently the market. The game theory is a state where organizations
interact; though they enjoy different market shares, one firm takes advantage of the losses made
by firms trading in the same market to advantageously register trading gains. The paradox of the
prisoner dilemma, a common situation in the game theory, explains this phenomenon by stating
that each firm takes a beneficial course of action. However, firms working together produce an
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