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Payoff Matrix
A table that shows the potential outcomes of different strategies in a competitive situation, typically used in game theory.
Strategic Choice
The decision-making process in the context of strategic management, where leaders select the best course of action to achieve organizational goals.
Payoff
In game theory, the reward received by a player (for example, the profit earned by an oligopolist).
Dominant Strategy
A dominant strategy is the best course of action for a player in a game, regardless of what the other players do, always resulting in a better outcome for the player.
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