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Marginal Cost
The change in total production cost that arises when the quantity produced is incremented by one unit.
Total Profit
The total income earned by a firm after deducting all costs and expenses from total revenue.
Nash Equilibrium
A concept in game theory where no participant can gain by unilaterally changing their strategy if the strategies of others remain unchanged.
Profit-Maximizing
Refers to the process or strategy by which a firm selects outputs at which its profits are maximized, achieved by equating marginal revenues to marginal costs.
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