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FIGURE 2-6
-Refer to Figure 2-6. If you start from the Bakery, travel to the Art Gallery, and then to the Cafe, in 1.0 hour, what is your average speed?
Explicit Collusion
A direct agreement among competitors to fix prices, limit production, allocate markets, or engage in other anticompetitive practices, typically illegal in nature.
Optimal Strategy
The best course of action a player or decision-maker can take in a game or decision-making scenario, considering the actions of other players or factors.
Nash Equilibrium
A concept in game theory where each player's strategy is optimal, considering the choices of other players. It represents a situation where no participant can gain by unilaterally changing their strategy.
Dominant Strategy
A strategy in game theory that is the best action for a player irrespective of what the opponent does.
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