Explain How an Oligopoly Can Be Thought of as a Prisoner's

question 59

Essay

Explain how an oligopoly can be thought of as a prisoner's dilemma game.

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Definitions:

Median Voter

A theoretical concept that represents the individual whose preferences are exactly in the middle of the set of all voters' preferences, often used in political science to predict the outcome of elections.

Median-Voter Model

A theoretical model suggesting that the preferred policy of the median voter will win the support of a majority in a democratic election, shaping political outcomes.

Median-Voter Model

A theoretical model in political science that suggests policies will most likely reflect the preferences of the median voter.

Government Involvement

Government Involvement in the economy can include regulation, direct participation in the market, fiscal policies, and other actions intended to influence economic outcomes.