Examlex
Which of the following is a type of nonvolatile memory that can be erased electronically and rewritten?
Repeated Games
In game theory, repeated games are those where the same game (with the same payoffs to strategies) is played more than once, allowing for strategy development over time based on past outcomes.
Payoffs
The outcomes or returns from an action or investment, notably used in the context of game theory to represent the consequences faced by participants.
Short Run
In economics, a period during which at least one of a firm's inputs is fixed, limiting its capacity to adjust to changes in demand.
Long Run
A period in which all factors of production and costs are variable, allowing for full adjustment to change.
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