Examlex
How did the Olmec peoples adjust their solar year calendar to refer to events that happened in the far past?
Nash Equilibrium
A concept within game theory where no player can benefit by changing strategies while the other players keep theirs unchanged.
Bertrand Model
An economic model of competition among firms that compete by setting prices simultaneously.
Payoff Matrix
A table that shows the payoffs for each player in a game for every possible combination of actions by the players.
Economic Profits
The financial gain achieved when revenues exceed both explicit and implicit costs.
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