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Answer the following questions.
a. What is backward induction?
b. What is a grim trigger strategy?
c. What is a tit-for-tat strategy?
Rate of Markdown
The percentage decrease from the original price of an item to its reduced price.
Operating Expenses
Costs associated with the day-to-day operations of a business, excluding the cost of goods sold.
Operating Profit
Earnings from a company's core business operations, excluding deductions of interest and taxes.
Trade Discount
A reduction in the retail price of goods, offered by wholesalers or manufacturers to retailers.
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