Examlex
Creating better ways of doing things is called __________.
Payoff Matrix
A table that shows the possible outcomes or payoffs resulting from different strategies chosen by two or more players in a game.
Dominant Strategy
A strategy that yields the best outcome for a player, regardless of what strategies other players choose.
Duopoly
A market structure characterized by two dominant firms controlling the majority of the market share.
Natural Monopoly
A market structure where a single supplier is most efficient due to high fixed or start-up costs, often in industries like utilities.
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