​ Goods That Are Specifically Made for the Buyer and Are

question 16

Multiple Choice

​ Goods that are specifically made for the buyer and are of such an unusual nature that they are not suitable for trade in the ordinary course of the seller's business are called .

• A)nonresellable goods
• B)auction goods
• C)resellable goods
• D)speciality goods

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Definitions:

Prisoners' Dilemma

A scenario in game theory where individuals acting in their own self-interest pursue a course of action that does not result in the optimal outcome for the group.

Cooperative Games

Games in which participants work together to achieve a common goal or derive mutual benefits.

Stackelberg

A model of a market in which one leader firm sets its output first, and then other firms follow, adjusting their outputs accordingly, in strategic game theory.

Cournot Model

A model in oligopoly theory where firms compete on the quantity of output they decide independently and simultaneously.