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Officer Jones stops a car for speeding (55 mph in a 25 mph school zone) . The driver of this vehicle becomes very argumentative and refuses to give the officer his driver's license. The police officer tells the driver that if he doesn't provide his driver's license then he will be placed under arrest. The driver refuses to comply with the police officer's orders and yells, "take me to jail then!!"
Equilibrium
a state in economics where supply equals demand, resulting in a stable market condition.
Trigger Strategy
A strategy in repeated games where a player's response is conditioned on past behavior, such as retaliating or cooperating based on the other player's previous actions.
Repeated Game
A strategic interaction that occurs multiple times, allowing players to potentially develop strategies based on past outcomes.
Price Competition
A type of competition in which companies try to attract customers by offering lower prices than their competitors.
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