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Nash Equilibrium
A concept in game theory where no player can benefit by changing strategies while the other players keep theirs unchanged, leading to a situation where all players' choices are optimal given the choices of others.
Sub-Optimal Outcomes
Results or situations that are less efficient or desirable than the best possible scenario.
Equilibrium
A condition where the supply and demand in the market are equal, leading to stable pricing.
Tit-For-Tat Strategy
A cooperative and retaliatory strategy in game theory where a player replicates an opponent's previous action.
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