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Technician A says on computerized transmissions, an electronic pressure control (EPsolenoid is used to regulate transmission line pressure. Technician B says most EPC solenoids are pulse-width modulated. Who is correct?
Free Trade
An economic policy that allows imports and exports between countries with minimal or no tariffs, quotas, or prohibitions.
Oligopoly
A market structure characterized by a small number of firms whose decisions affect and are affected by each other.
Nash Equilibrium
A concept in game theory where each player's strategy is optimal given the strategies of other players, and no player has anything to gain by changing only their own strategy.
Economic Profit
The difference between total revenue and the total opportunity costs (both explicit and implicit) of all resources used by a business.
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