Examlex
What is the definition of the following term:
-libertarianism, political :
Cartel
An agreement among competing firms to control prices or exclude entry of a new competitor in a market, often to maximize profits collectively.
Payoff Matrix
A strategic tool used in game theory to show the potential outcomes of different decisions made by two or more players, with each cell representing the outcome for each combination of decisions.
Profit-Maximizing
A strategy or approach where a firm's main goal is to achieve the highest profit possible, often by adjusting production levels, prices, or other operational decisions.
Joint Profit
The combined profits of two or more entities or products, often considered in scenarios of cooperation, partnership, or mergers.
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