Examlex
____ was initially founded by the U.S. Department of Defense and is now part of the Software Engineering Institute at Carnegie Mellon University.
Economic Profits
The profit a company makes after deducting both its explicit and implicit costs.
Nash Equilibrium
A concept in game theory where, in a non-cooperative game, each player's strategy is optimal given the strategies of all other players, leading to no incentive to deviate from their chosen strategy.
Sequential Game
A type of game in game theory where players make decisions or select strategies one after another, with subsequent players potentially being aware of the preceding players' moves.
Collude
An agreement between firms in the same industry to limit competition among them by setting prices or output levels.
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