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When analyzing ideal gases, the temperature must be measured on the Kelvin scale
Nash Equilibrium
A concept in game theory where no player can gain by changing their strategy while the other players keep theirs unchanged.
Maximin Strategy
A strategy used in decision-making that maximizes the minimum gain that can be achieved, often used in situations involving uncertainty and risk.
Incumbent Monopoly
A situation where a single company dominates a market or industry, often due to having established a strong presence over time.
Excess Capacity
The situation in which a firm produces less than its potential output, often indicated by idle resources or facilities.
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