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Game

Any strategic interaction in which the outcome each player receives depends not only on their own choice but on the choices of everyone else involved. A farmer deciding how much wheat to plant is not playing a game in this technical sense, because the weather does not adjust its behavior in response; two rival firms setting prices are, because each price only makes sense in light of the other's likely response.

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Vocabulary from all courses. Terms are cross-referenced to show where each concept appears.