Examlex
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Noncollusive Oligopoly
A market structure where a few firms dominate but do not explicitly coordinate their pricing and output decisions, leading to competitive but interdependent market outcomes.
Game Theory
A branch of mathematics and economics that studies the strategic interactions among rational decision-makers, aiming to predict their choices of action given the rules of the game and the actions of others.
Oligopoly
A market structure dominated by a small number of large firms, leading to limited competition and potentially collaborative behavior that influences prices and production.
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 strategy set for all players.
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