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Define expectancy theory. Identify the theory's three key concepts.
Strategic Game
A situation or model in game theory in which players make decisions by strategically considering the choices and payoffs of other players.
Extensive Form
A representation of a game in game theory, illustrating the various choices available to players and the outcomes resulting from these choices in a tree-like structure.
One-Time Game
A strategic interaction where players make decisions once without the expectation of future interactions.
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