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is this game lies between the two extreme cases that
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you learn about in your Intro Economics class.
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One extreme case is perfect competition
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and the other extreme case is monopoly.
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So this is really the first attempt,
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way back in the nineteenth century to study
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a market that's somewhere in the middle,
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where it happens most markets are there are two firms.
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We're interested in two things here.
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We're interested in what's going to happen in these markets.
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And then from a welfare point of view, from a policy point of view,
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we're interested about