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Simplify. Assume that variables in the exponent represent nonzero integers and that all other variables are not 0.
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First-Mover Advantages
Benefits gained by a company that is the first to enter a new market, establish brand recognition, and secure customer loyalty before competitors.
Nash Equilibrium
is a concept in game theory where each player's strategy is optimal, given the strategies of other players.
Herfindahl Index
A measure of market concentration used to determine the level of competition within an industry, calculated by squaring the market share of each firm competing in the market and then summing the resulting numbers.
Differentiated Oligopoly
An oligopoly in which firms produce a differentiated product.
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