Examlex
Marginal utility is the accumulation of the total utility from successive units of a good or service consumed.
Competitive Ideal
An economic theory suggesting that markets perform optimally when there is a high level of competition among firms, leading to better products and services for consumers.
Product Development
The process of creating or improving a product or service, from initial idea through research, design, testing, and finally to launch.
Payoff Matrix
A tool used in game theory to show the potential outcomes of different strategies players might employ, including their associated rewards or costs.
Repeated Game
A strategic interaction (game) between two or more parties (players) that all parties know will take place repeatedly.
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