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What is the difference between an executory contract and an onerous contract?
Sequential Game
A strategic interaction (game) between two or more parties (players) in which each party moves (makes a decision) in a predetermined order (sequence).
Economic Profits
The profit a company makes after deducting both its explicit and implicit costs.
Nash Equilibrium
A concept in game theory where, in a non-cooperative game, each player's strategy is optimal given the strategies of all other players, leading to no incentive to deviate from their chosen strategy.
Sequential Game
A type of game in game theory where players make decisions or select strategies one after another, with subsequent players potentially being aware of the preceding players' moves.
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