Examlex
The two basic approaches for pricing are: competition-based and cost-based pricing.
Minimum Gain
The least amount of profit or advantage that can be achieved in a given transaction or situation.
Maximum Gain
The highest possible profit or advantage that can be achieved in a particular situation.
Nash Equilibrium
A situation in strategic interactions where each participant's choice is optimal, considering the decisions of others.
Firm
An organization engaged in commercial, industrial, or professional activities, typically aimed at generating profits.
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