Which of the following statements accurately describe key aspects of Game Theory Strategies in competitive markets? Select all that apply.

Game theory is a way to understand how people make decisions when they are competing with others. In competitive markets, businesses must think about what their competitors might do before making their own choices. For example, if one company decides to lower its prices, other companies might also lower their prices to stay competitive. This means that each company must consider not just its own strategy but also the potential reactions of others. So, key aspects of game theory in these markets include anticipating competitors' moves and adapting strategies accordingly to achieve the best outcome.