Examlex
What perspective emphasizes micro-level interactions?
Increasing Returns To Scale
Long-run average total cost declines as output increases (also referred to as economies of scale).
Barriers To Entry
Obstacles that make it difficult for new competitors to enter a market, such as high start-up costs or strict regulations.
Prisoners' Dilemma
A standard example of a game analyzed in game theory that shows why two individuals might not cooperate, even if it appears that it is in their best interest to do so.
Tit-For-Tat Strategy
A strategy in game theory where a player replicates the opponent's previous action, generally used in reference to cooperation or retaliation.
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