Multiple Choice
Consider the cartel of Trick and Gear.The game is repeated indefinitely and each firm employs a tit-for-tat strategy.The equilibrium is
A) both firms cheat on the agreement.
B) both firms comply with the agreement.
C) Trick cheats and Gear complies with the agreement.
D) Gear cheats and Trick complies with the agreement.
E) one of the firms exits the market.
Correct Answer:
Verified
Correct Answer:
Verified
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