Principles of Microeconomics. Chapter 17 Oligopoly & Game Theory

Revision of Chapter 17: Oligopoly, Principles of Microeconomics, N. Gregory Mankiw.

Ever wondered what is Game Theory and how individuals make strategic decisions?

This free online crash course discusses oligopolies. We will discuss the characteristics of the oligopolies competition and observe how companies behave in a short- and long-run. We will discuss the example of duopoly and what is a Nash Equilibrium. Finally, the Big Topic - Game Theory! We will learn about prisoners' dilemma and dominant strategy.

This crash course covers:
Markets with Only a Few Sellers,
A Duopoly Example,
Competition, Monopolies, and Cartels,
The Equilibrium for an Oligopoly,
Nash Equilibrium,
How the Size of an Oligopoly Affects the Market Outcome,
Game Theory,
The Economics of Cooperation,
The Prisoners’ Dilemma,
Dominant Strategy,
Oligopolies as a Prisoners’ Dilemma

This course is part of ECON 121 Principles of Microeconomics free online course. This course examines basic principles of microeconomics including core elements of supply and demand, opportunity cost, market equilibrium, elasticity, and income distribution.

Course Materials:
Principles of Microeconomics (6th or newer edition, South-Western Cengage Learning) by N. Gregory Mankiw (Previous or subsequent editions can be consulted too, though cases and examples considered will be from 6th edition.)

Materials Used:
Music: https://www.bensound.com