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A Factor That Is Neither Necessary nor Sufficient to Bring

question 45

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A factor that is neither necessary nor sufficient to bring about an effect but does play a role in bringing it about is called a(n) _____ factor.


Definitions:

Price Competition

A market condition where businesses compete primarily on the price of their products or services rather than quality or innovation.

Competitive Equilibrium

A state where supply equals demand within a competitive market, setting the equilibrium price and quantity.

Nash Equilibrium

A concept in game theory where no player can benefit by changing their strategy while the other players keep theirs unchanged.

Marginal Cost

The cost of producing one additional unit of a product.

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