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Prices of PlayStation 4 game systems are similar at almost every large retailer and little price ...

kaarnold98

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Prices of PlayStation 4 game systems are similar at almost every large retailer and little price ...

Prices of PlayStation 4 game systems are similar at almost every large retailer and little price competition occurs among these retailers. An explanation for this is

• retailers are all price takers.

• retailers have lobbied state governments to allow them to collude legally to set the prices of certain products.

• pricing PlayStation 4 game systems is a repeated game. Over a long period of time, a cooperative equilibrium has been reached where retailers charge high prices for these systems.

• retailers are in a prisoner's dilemma which causes them to all charge the same price for PlayStation 4 game systems.

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Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

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rand22

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More solutions for this book are available here

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kaarnold98 Author

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Correct

kobbhy

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Helped a lot

7.prime7105

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