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When their mom took them to the store yesterday, she asked David and Andrew to help her remember to buy apples. While David focused his attention on how apples were his favorite fruit, Andrew thought of seeing a bag of big red apples in the shopping cart. David was using _____ and Andrew _____.
Competitive Model
A market structure where many firms compete with similar or identical products and no single firm can influence market prices significantly.
Cournot
Refers to a model of oligopoly in which firms compete on the amount of output they will produce, affecting market prices.
Noncooperative Games
Games in which players make decisions independently, without collaboration or negotiation, often seeking to maximize their own payoff.
Prisoners' Dilemma
A scenario in game theory where individuals acting in their own self-interest pursue a course of action that does not result in the optimal outcome for the group.
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