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The figure above shows some of a firm's cost curves.
-Based on the figure above,curve B is the firm's
Nash Equilibrium
A concept in game theory where no player can benefit by changing strategies while the other players' strategies remain unchanged.
Payoff
The benefit or return that one receives as a result of an investment or action; a rephrasing of economic payoff emphasizing the outcome aspect.
Cartel
An association of independent businesses or countries that work together to control prices and limit competition for their mutual benefit.
Incentive
A benefit, reward, or cost that motivates an economic agent to engage in a particular course of action.
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