Game theory is necessary for understanding
A)all market structures.
B)competition and oligopoly, but it is not necessary for understanding monopoly.
C)monopoly and oligopoly, but it is not necessary for understanding competition.
D)oligopoly, but it is not necessary for understanding monopoly or competition.

Question

Quizplus · Accepted Answer

Game theory is particularly useful for understanding oligopoly because it involves strategic interactions between a few firms, unlike monopoly (one firm) or perfect competition (many firms).

Game Theory Is Necessary for Understanding