Summarize the Idea of Mono-Operation Bias

question 7

Essay

Summarize the idea of mono-operation bias. Discuss why this is important to be aware of in research.

---

Definitions:

Pure Monopolies

Market structures characterized by a single seller that faces no competition, typically due to high barriers to entry.

Socially Desirable

Refers to actions or policies that are considered beneficial to the wider community or society as a whole.

Payoff Matrix

A table that shows the potential outcomes (or payoffs) for different actions taken by players in a strategic game, outlining the results for each combination of choices.

Dominant Strategy

A strategy in game theory that results in the best outcome for a player, regardless of the strategies chosen by other players.