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Definition
| an agreement among firms in a market about quantities to produce or prices to charge |
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Definition
| a group of firms acting in unison |
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Term
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Definition
| a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen |
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Term
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Definition
| a particular "game" between two captures prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial |
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Term
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Definition
| a strategy that is best for a player in a game regardless of the strategies chosen by the other players |
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