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Payoff Matrix
A table that describes the potential outcomes or payoffs in a strategic situation, depending on the actions of two or more decision-makers.
Nash Equilibrium
A concept in game theory where no player can benefit by changing strategies while the other players keep theirs unchanged.
Dominant Strategy
A strategy that is best for a player in a game regardless of what strategies other players choose.
Cartel
An agreement among competing firms to control prices or exclude entry of a new competitor in a market, often to maximize profits collectively.
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