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Describe the difference between discretionary and automatic fiscal policy.
Price Competition
A market condition where businesses compete primarily on the price of their products or services rather than quality or innovation.
Competitive Equilibrium
A state where supply equals demand within a competitive market, setting the equilibrium price and quantity.
Nash Equilibrium
A concept in game theory where no player can benefit by changing their strategy while the other players keep theirs unchanged.
Marginal Cost
The cost of producing one additional unit of a product.
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