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Duopolists
Two firms or parties that dominate the market for a particular product or service.
Output Maximization
Output maximization refers to a strategy employed by firms to adjust their production in order to produce the maximum number of goods or services, given their resources.
Prisoners' Dilemma
A scenario in game theory in which two individuals acting in their own self-interest do not produce the optimal outcome, highlighting the conflict between individual benefit and collective benefit.
Self-Interest
Self-Interest is a person's own personal gain or advantage in making decisions or performing actions, often considered as the driving force behind economic activities.
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