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Why do conflicts arise between decision making and performance evaluation?
Marginal Cost
The alteration in the overall cost of production that occurs with each additional unit produced.
Total Revenue
The amount a firm receives for the sale of its output.
Nash Equilibrium
A concept within game theory where no participant can gain by a unilateral change of strategy if the strategies of the others remain unchanged.
Profit-Maximizing
The process by which a firm determines the price and output level that returns the maximum profit.
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