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Adaptive learning systems can only modify their behaviors based on the information with which they are programmed.
Oligopolistic Firms
Companies that operate in an oligopoly, a market structure with a small number of firms that have significant market power, which influences their pricing and production decisions.
Product Differentiation
The approach of identifying unique aspects of a product or service to boost its attractiveness to a designated target market.
Market Power
The ability of a firm to influence or control the terms and conditions of the market to some degree.
Tacit Collusion
An implicit agreement among competitors to set prices or otherwise behave in a cooperative manner, often without explicit communication.
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