Examlex
In terms of memory, what is a chunk?
Noncooperative Equilibrium
A situation in which individuals or firms choose their strategy based on the anticipation that others will act in their own self-interest, leading to an outcome where no participant can benefit by changing their strategy unilaterally.
Prisoners' Dilemma
A concept in game theory where two individuals acting in their own self-interest do not produce the optimal outcome, demonstrating the conflict between individual and collective rationality.
Strategic Behavior
Actions taken by a firm that attempt to influence the future behavior of other firms.
Cartel
An alliance of firms that coordinate their actions to control the supply of a product or service, thus influencing the market price.
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