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To help Kathy overcome her fear of the new family puppy, her father gives her a hot fudge sundae and then, while she eats it, gradually brings the puppy closer and closer to her. The procedure works because Kathy cannot be happy eating the ice cream and fearful about the puppy at the same time. Being happy and being fearful are, in this situation,
Nash Equilibrium
A concept in game theory where no player can benefit by changing strategies while the other players keep theirs unchanged.
Oligopoly Market
A market structure characterized by a few firms controlling the majority of the market share, leading to limited competition.
Profit Maximizers
Entities or persons striving to maximize their earnings through their activities.
Demand Curve
A graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers, typically downward sloping.
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