Essay
The vector of state probabilities for period n is (0.4,0.6).The accompanying matrix of transition probabilities is: 
Calculate the vector of state probabilities for period n+1.
Analyze the implications of collusion among firms in an oligopolistic market.
Understand Nash equilibrium in the context of game theory and strategic decision-making.
Identify the potential effects of nonprice competition and strategic firm interactions on market dynamics.
Recognize the challenges associated with measuring and interpreting market concentration and competitive behavior.
Definitions:
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