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(a) What is game theory? (b)Using the game theory matrix, with appropriate assumptions, explain non-collusive and collusive behaviour of firms in an oligopoly market structure.

(a) What is game theory?

(b)Using the game theory matrix, with appropriate assumptions, explain non-collusive and collusive behaviour of firms in an oligopoly market structure. If firms colluded will they be able to maintain higher profit.

(c)Provide 3 examples a firm can use when engaging in non-price competition.

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