Examlex
Explain how long-run economic profits are linked to entry in monopolistic competition and perfect competition.
Market
An economic concept referring to a mechanism or environment where buyers and sellers interact to exchange goods, services, or information.
Dominant Strategy
In game theory, a strategy that is best for a player in a game regardless of the strategies chosen by the other players.
Economic Profit
The difference between revenue received from the sale of an output and the opportunity cost of the inputs used.
Nash Equilibrium
A concept in game theory where no player can benefit by changing their strategy while the other players keep theirs unchanged, representing a state of strategic balance.
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