Why Do Economists Refer to the Pricing Strategies of Oligopoly

question 1

Essay

Why do economists refer to the pricing strategies of oligopoly firms as a prisoner's dilemma game?

---

Definitions:

Systems Approach

A perspective in management and science that emphasizes viewing systems as cohesive wholes and understanding the interrelationships between their parts.

Big Picture

A broad, comprehensive perspective or understanding of a situation, considering all relevant factors and potential impacts without focusing on minor details.

OD Philosophy

A set of core values and beliefs underlying organizational development, emphasizing humanistic principles, participation, and the potential for organizational and personal growth.

Values Included

Ensuring that principles and standards of behavior considered important by individuals or groups are integral to decision-making processes and actions.