Examlex
Variables that are declared inside a function are called ____ variables.
Collusion
An agreement between competing firms to control prices or exclude entry of a new competitor in the market, often in violation of antitrust laws.
Sequential Game
A strategic interaction (game) between two or more parties (players) in which each party moves (makes a decision) in a predetermined order (sequence).
Economic Profits
The profit a company makes after deducting both its explicit and implicit costs.
Nash Equilibrium
A concept in game theory where, in a non-cooperative game, each player's strategy is optimal given the strategies of all other players, leading to no incentive to deviate from their chosen strategy.
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