Microeconomics Ch 17
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The study of how people behave in strategic situations.
An agreement smong firms in a market about quantities to produce or prices to change.
A group of firms acting in unision.
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.
A particular "game" between two capurted prisoners that illustrates why cooperation is dufficult to maintain even when it is mutually beneficial.
A strategy that is best for a player in a game regardless of the strategies chosen by the other players.
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