HOW DOES THE PRISONER’S DILEMMA HELP IN REGULATING AND CONTROLLING THE COMPETITION?

INTRODUCTION Jurisprudence: It has been derived from the Latin word ‗Jurisprudentia‘ which means Knowledge of Law or Skill in Law.According to Gray and Dr. Jenks, Jurisprudence is a formal science because it is concerned with the form, conditions, social life, human relations that have grown up in the society and to which society attaches legal significance.Jurisprudence is not related to law only, but to all the forms of social science and their application in analyzing the need to regulate and control the various aspects of society as well as conducts of human beings. The world in its present form is concerned with liberalization, globalization, consumer behavior, competition and economic development. The world has become a global village which needs to be regulated and controlled. This requires the study and application of economics and to understand its concept and use in studying the human behavior and the market strategies.