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The Payne-Aldrich Tariff of 1909
Nash Equilibrium
A concept in game theory where each player's strategy is optimal, given the strategies of all other players in the game.
Zero Marginal Cost
The cost incurred by producing one additional unit of a product or service when this cost is effectively zero, often due to technological advances.
Duopolists
Firms or entities that are two in number in a market, dominating the market and setting prices either collaboratively or competitively.
Monopolist
An entity that is the sole provider of a particular product or service, controlling the entire market.
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