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Payoff Matrix
A table that represents the potential outcomes or payoffs in a strategic decision-making situation, often used in game theory to illustrate the consequences of different actions.
Dominant Strategy
A strategy in game theory that is best for a player to follow regardless of what strategies other players choose.
Game Theory
A branch of mathematics and economics that analyzes strategies in competitive situations where the outcome depends on the actions of all participants.
International Cartel
A consortium of independent organizations formed to limit competition and control prices in international markets.
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