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Define Substrate and Product

question 30

Essay

Define substrate and product.Are these definitions relative or absolute, and why?


Definitions:

Sequential Game

A strategic game in game theory where players make decisions one after another rather than simultaneously, allowing for the observation of previous moves before making a decision.

Simultaneous Game

A game in which all players make their decisions or select their strategies at the same time without knowledge of the others' choices.

Simultaneous Game

A scenario in which players make decisions or choose strategies at the same time without knowledge of the other players' choices.

Equilibrium

A state in a market where supply equals demand, causing prices to stabilize and transactions to occur without excess supply or demand.

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