Assignment:
Page 360&361 of Parkin's 12th Edition of Microeconomics discusses Oligopoly Games in Cellphone Service.
Discuss:
1) Explain how the market participants are using game theory to set prices and data plans.
2) What happens to the firms' economic profit when the market for data reaches equilibrium?
3) What are the likely long term outcomes to the firms engaged in this line of business?
Make sure that you:
1) Introduce your topic.
2) Answer the questions.
3) Conclude and summarize your thought(s) on the subject.