Examlex
Using the labor market,the production function Real GDP = T (L,K),and the LRAS curve,describe the process by which a decrease in income taxes impacts economic growth.
Oligopoly
A market structure dominated by a small number of large firms, leading to limited competition and potentially collaborative behavior that influences prices and production.
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.
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