Game Theory and Oligopoly: Crash Course Economics

The video explores different market structures, focusing on perfect competition, monopolistic competition, oligopolies, and monopolies. It explains how these markets operate, their characteristics, and the role of game theory in strategic decision-making. The video also discusses non-price competition, collusion, and cartels, using examples like fast food chains and tech companies. It highlights the importance of advertising and the challenges of maintaining collusion. The concept of a payoff matrix and dominant strategies in oligopolies is explained, emphasizing the complexity of business decisions.

What is non-price competition and how do companies use it?

What is the prisoner's dilemma and how does it relate to game theory?

Explain the concept of collusion and its legality in the US.