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(a) Discuss the essential feature of game theory and show how it is applicable to the study of the behavior of firms under oligopoly.

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(a) Discuss the essential feature of game theory and show how it is applicable to the study of the behavior of firms under oligopoly. (7marks) (b) Using classical production function, explain the stages of production of a firm and advise on the best optimal stage of operation.

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a Game Theory and Oligopoly Essential Feature of Game Theory Game theory focuses on the strategic decisionmaking of rational players in situations where their outcomes are interdependent It involves a ... blur-text-image

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