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The former Soviet Union was characterized by outdated technologies, prices set too low, and persistent shortages.
Cartels
Groups of independent market participants who collude to control prices and output in a particular market, typically to restrict competition.
Illegal
Refers to actions or activities that are prohibited by law.
Nash Equilibrium
A concept in game theory where no player can benefit by changing strategies while the other players' strategies remain unchanged.
Payoff
The benefit or return that one receives as a result of an investment or action; a rephrasing of economic payoff emphasizing the outcome aspect.
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Q114: Refer to Figure 17-1. The Great Depression