What effect does the nash equilibrium have on consumers
Problem 1: What effect does the Nash equilibrium have on consumers and over time on the industry itself?
Problem 2: Are there any real world (historic or current) examples of this?
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Problem 1: What effect does the Nash equilibrium have on consumers and over time on the industry itself? Problem 2: Are there any real world (historic or current) examples of this?
The following payoff matrix illustrates the problem. Does a Nash equilibrium exist ? (Answer yes or No). If a nash equilibrium exists, give the payoffs.
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