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Explain why group members conform to norms.
Simultaneous Game
A strategic interaction (game) between two or more parties (players) in which every player moves (makes a decision) at the same time.
Collusive Oligopoly
A market condition where a small number of firms illegally agree to set prices or output levels to maximize collective profits.
Noncollusive Oligopoly
A market structure where a few firms dominate but do not explicitly coordinate their pricing and output decisions, leading to competitive but interdependent market outcomes.
Game Theory
A branch of mathematics and economics that studies the strategic interactions among rational decision-makers, aiming to predict their choices of action given the rules of the game and the actions of others.
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