Examlex
Use a figure with intersecting supply and demand curves to explain how a change in consumer incomes affects social welfare.
Nash Equilibrium
An idea in game theory in which each participant chooses the best strategy considering the strategies chosen by all other participants in the game.
Press Button
A simple mechanism that, when pressed, activates or controls a device.
Payoff
The outcome of a decision or action, usually quantified in terms of profit or utility.
Nash Equilibrium
A concept in game theory where no player can benefit by changing their strategy while the other players keep theirs unchanged.
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