Examlex
Which of the following best describes "maximizing the minimum possible payoff"?
Duopolists
Two firms that dominate a market or industry, competing directly with each other.
Collude
To secretly agree with others, typically competitors, to cooperate for an illegal or deceitful purpose, such as fixing prices.
Cheating
Dishonest behavior or attempting to gain an unfair advantage in a competitive situation.
Marginal Cost
The advancement in overall fees incurred by producing an extra unit of a good or service.
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