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​The Equilibrium Outcome Used in Both the Sequential and Simultaneous

question 14

Multiple Choice

​The equilibrium outcome used in both the sequential and simultaneous move games is known as

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Definitions:

Fixed Costs

Costs that remain constant in total regardless of changes in the level of activity or volume of production.

Property Taxes

Taxes assessed on real estate by the government, based on the property's value, and used to fund public services.

Relevant Range

The range of activity within which the assumptions about variable and fixed costs in a cost model are valid.

GAAP

Generally Accepted Accounting Principles, a collection of commonly-followed accounting rules and standards for financial reporting.

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