With a Bit of Hindsight,how Would You Characterize the 2008

question 21

Essay

With a bit of hindsight,how would you characterize the 2008 presidential and congressional elections? Were they a "referendum" on the Bush administration or are they perhaps better described another way?

---

Definitions:

Stackelberg Duopoly

A market structure where two firms compete with one another with one firm establishing itself as a leader by setting its output or price first, and the other firm acting as a follower.

Nash Equilibrium

An idea in game theory where a player cannot gain an advantage by altering their strategy if the strategies of other players stay the same.

Leader Firms

Companies that dominate a particular market or industry, often setting trends and standards for others to follow.

Stackelberg Duopoly

A model of oligopoly in which one firm (the leader) sets its output or price first, and the other firm (the follower) then chooses its output or price in response, considering the leader's decisions.