Identify and State the Historical Significance of Samuel Slater

question 13

Essay

Identify and state the historical significance of Samuel Slater.

Understand the prisoner’s dilemma and how it relates to the challenges of cooperation and competition in oligopolies.

Understand different market structures, including monopoly, oligopoly, monopolistic competition, and pure competition.

Identify traits and outcomes of collusive and non-collusive oligopolies.

Explain the concept of game theory and its applications in oligopolistic markets.

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Definitions:

Location-Based Apps

Applications that offer services or information relevant to the user's current geographical location.

Foursquare

A local search-and-discovery service mobile app which provides search results for its users.

Swarm

A large group of insects or other small organisms moving together, or metaphorically, a group of individuals focusing intensely on a particular activity or goal.

Location-Based Service

A social, entertainment, or information service that allows a company to reach and engage with its audience using tools and platforms that capture the geographic location of the audience.