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The scale on a map indicates that 1 inch on the map corresponds to an actual distance of 125 miles. Two cities are 7.5 inches apart on the map. What is the actual distance between the two cities?
Reciprocity
A social norm that involves mutual exchange of privileges or goods among parties, expecting that the benefits given will be returned in the future.
Sequential Game
A strategic game in economics or game theory where players make decisions one after another, allowing for the observation of previous actions before taking a decision.
First-mover Advantage
The competitive advantage gained by the first entity to establish a significant presence in a market or to develop a new product or service.
Duopoly
A market structure where two companies hold dominant or exclusive control over a particular industry or market segment.
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