Examlex
An automatic response to some stimulus is called
Identical Product
A product that is exactly the same in every feature, quality, and production process with another product, making them interchangeable.
Nash Equilibrium
A concept in game theory where no player can benefit by changing strategies while the other players keep theirs unchanged, indicating an optimal state of balance.
Jointly Maximize Profits
A strategy where multiple parties or firms collaborate to enhance their collective profitability.
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping to the right.
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