What Is Past Consideration

question 41

Essay

What is past consideration?

Analyze the use of tit-for-tat and other strategies in repeated games.

Identify the influence of external factors such as market conditions on strategic decisions in games.

Understand concepts like dominant strategy, Nash equilibrium, and their occurrence in various strategic settings.

Analyze strategic moves and counter-moves in sequential games.

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Definitions:

Price Elastic

Refers to how sensitive the demand for a product is to changes in its price; high elasticity indicates demand significantly changes with price adjustments.

Price Inelastic

Describes a situation where the demand for a product does not significantly change with a change in its price.

Price Volatile

Referring to how quickly and to what extent the price of a commodity or asset can change within a short period of time.

Elastic

Describes a situation in economics where the demand or supply of a good or service is sensitive to changes in price.