Instructions: Identify the Following Term(s)

question 128

Short Answer

Instructions: Identify the following term(s).
Gothic

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Definitions:

Duopoly

A market structure characterized by two producers or sellers dominating the market.

Dominant Strategy

In game theory, a strategy that is optimal for a player, regardless of the strategies chosen by other players in the game.

Nash Equilibrium

A concept in game theory where no player can benefit by changing strategies if other players keep their strategies unchanged.

Payoff Matrix

A table that shows the potential outcomes of different decisions in a strategic situation, used in game theory to analyze choices and consequences.