Examlex
________ references usually cause inaccurate results.
Maximin Strategy
A strategy used in decision-making that maximizes the minimum gain that can be achieved, often used in situations involving uncertainty and risk.
Incumbent Monopoly
A situation where a single company dominates a market or industry, often due to having established a strong presence over time.
Excess Capacity
The situation in which a firm produces less than its potential output, often indicated by idle resources or facilities.
Potential Entrant
Refers to a business or company that is not currently in a market but has the capability and interest to enter the market if certain conditions are met.
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