Explain the essential difference between games in which moves are simultaneous and those in which moves are sequential.
93) Assume two firms are currently competing in a market. If one of the two firms wants to try to eliminate the other firm as a competitor, should it undertake a strategy of limit pricing or predatory pricing? Why? In addition, describe the conditions under which the strategy you have selected will be most successful.
94) Summarize the three conditions cited in the text under which a cartel is most likely to succeed. Of these three, which do you think is most important? Why?
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