Examlex
__________ is the state of being part insider and part outsider in the social structure. Sociologist Robert Park coined this term to refer to persons (such as immigrants) who simultaneously share the life and traditions of two distinct groups.
Simultaneous Game
A game in game theory where all players make decisions or choose strategies at the same time without knowledge of the others' choices.
Utility
A measure of satisfaction, usefulness, or pleasure derived from consuming goods and services.
Efficient Outcome
A situation in economics in which resources are allocated in the most effective manner, maximizing the potential benefit to an economy or market without wasting resources.
Utility
In economics, a measure of satisfaction or happiness that consumers get from consuming goods or services.
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