Examlex
Who ultimately benefits from price supports in agriculture?
Nash Equilibrium
A concept in game theory where no player can gain by changing strategies if the other players keep their strategies unchanged, representing a situation of mutual best responses.
Marginal Cost
The extra expense associated with manufacturing an additional unit of a product or service.
Cartel
An agreement among competing firms to control prices or exclude entry of a new competitor in a market.
Marginal Cost
The change in total cost that arises when the quantity produced is increased by one unit.
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