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Simultaneous Game
A scenario in which players make decisions or choose strategies at the same time without knowledge of the other players' choices.
Equilibrium
A state in a market where supply equals demand, causing prices to stabilize and transactions to occur without excess supply or demand.
Sequential Game
A strategic game in which players make decisions one after another, allowing for the observation of preceding choices.
Monopolized
A condition where a single seller controls the whole supply of a product or service, often resulting in limited choices for consumers and potential for higher prices.
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