What Is Game Theory

question 52

Short Answer

What is game theory?

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Definitions:

General Rule

A principle or guideline that applies broadly across different contexts or situations, often serving as a standard for decision-making.

External Sales Price

The price at which a product or service is sold to customers outside of the company, as opposed to internal transfer pricing within different divisions of the same company.

Opportunity Cost

Opportunity Cost refers to the potential benefits or income lost when choosing one alternative over another.

Direct Expenses

Costs that can be directly attributed to a specific product, service, or project, such as raw material costs.