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Explain the difference between actual activity, theoretical capacity, practical capacity, and normal activity.
Nash Equilibrium
A concept in game theory where no player can benefit by unilaterally changing their strategy if the strategies of the other players remain unchanged.
Simultaneous Game
A simultaneous game is a type of game in game theory where all players make their decisions or moves at the same time without knowledge of the others' choices.
Payoff Matrix
A strategic analysis tool used in decision theory and game theory that shows the potential outcomes and payoffs from different decisions made by two or more players.
First-Mover Advantage
The competitive edge that a company gains by being the first to market with a product or service.
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