Examlex
Lean, a pregnant woman, was advised by doctors to opt for a surgical procedure to remove the baby from her womb because the baby was in an abnormal birth position.The surgical procedure mentioned in this scenario is known as a ________.
Nash Equilibrium
A concept in game theory where no player can benefit by changing strategies while the other players keep theirs unchanged, indicating an optimal strategy set for all players.
Positive-Sum Game
In game theory, a game in which the gains (+) and losses (−) add up to more than zero; one party’s gains exceed the other party’s losses. A strategic interaction (game) between two or more parties (players) in which the winners’ gains exceed the losers’ losses so that the gains and losses sum to something positive.
Payoff Matrix
A table that shows the potential outcomes of different strategies in a strategic interaction, commonly used in game theory.
Oligopolistic Industry
A market structure characterized by a small number of large firms that dominate the market, often leading to limited competition and higher prices.
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