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Do the firms in an oligopoly act independently or interdependently

1. Do the firms in an oligopoly act independently or interdependently? Explain your answer.

A monopolistically competitive firm has the following demand and cost structure in the short run:

       Output         Price   FC      VC   TC      TR  Profit/Loss

   0       $90    $90 $    0   ____  ____  ________

   1         80   ____    40   ____  ____  ________

   2         70   ____    80   ____  ____  ________

   3         60   ____  140   ____  ____  ________

   4         50   ____  220   ____  ____  ________

   5         40   ____  320   ____  ____  ________

   6         30   ____  440   ____  ____  ________

   7         20   ____  580   ____  ____  ________

        a.   Complete the table.

        b.   What level of output maximizes profit or minimizes loss?

        c.   Should this firm operate or shut down in the short run? Why?


3.  Suppose that Wal-World and Tarbo are independently deciding whether to implement a new bar code technology.  It is less costly for their suppliers to use one system and the following payoff matrix shows the profits per year for each company resulting from the interaction of their strategies.


Briefly explain whether Wal-World has a dominant strategy.


Briefly explain whether Tarbo has a dominant strategy.


Briefly explain whether there is a Nash equilibrium in this game.

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