WS8 Problems (1).docx - Economics for Business ECON1011...

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Economics for Business ECON1011Workshop 8Problem 1. RecapConsider the following:a)Explain why Game Theory is applicable to an oligopoly but not aperfectly competitive market or a monopoly.
b)What is the prisoner’s dilemma? Give an example from the real world orfrom your own life.
c)What is a dominant strategy?
d)What is a Nash Equilibrium?
e)What is a simultaneous move game?
Problem 2. Game Theory
Assume two rival car rental companies (Ace Rentals and Bob’s Rentals) are

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