We use an approach based on studying the response functions of each industrial companies to get sufficient conditions for an existence of a market equilibrium in an oligopoly market, shaped by three players. We replace the maximization of the pay off functions from the classical approach to the problem by considering the response functions. Thus we get not only sufficient conditions for the existence of an equilibrium, moreover, we get its uniqueness and stability. Response functions approach makes it also possible to solve the problem, when players do not behave rationally. Their irrational behavior may be due to a lack of information although they may want to maximize their pay off functions.

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