Examlex
What terms refers to the cost of changing price tags and price listings?
Nash Equilibrium
A situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen.
Price Effect
The impact that a change in the price of a good or service has on consumer demand for that good or service.
Oligopoly
A market structure characterized by a small number of firms that control the majority of the market share, leading to limited competition.
Prisoner's Dilemma
A scenario in game theory in which two individuals acting in their own self-interest do not produce the optimal outcome.
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