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In economics and game theory, the decisions of two or more players are called strategic complements if they mutually reinforce one another, and they are called strategic substitutes if they mutually offset one another. These terms were originally coined by Bulow, Geanakoplos, and Klemperer (1985). [1]
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Offsets can be defined as provisions to an import agreement, between an exporting foreign company, or possibly a government acting as intermediary, and an importing public entity, that oblige the exporter to undertake activities in order to satisfy a second objective of the importing entity, distinct from the acquisition of the goods and/or services that form the core transaction.
A complementary monopoly is an economic concept. It considers a situation where consent must be obtained from more than one agent to obtain a good. In turn leading to a reduction in surplus generated relative to an outright monopoly, if the two agents do not cooperate.
In economics, a complementary good is a good whose appeal increases with the popularity of its complement. [ further explanation needed ] Technically, it displays a negative cross elasticity of demand and that demand for it increases when the price of another good decreases. [ 1 ]
Wealthy travelers are increasingly booking luxury train vacations. High-end suites often include amenities like bottomless Champagne, butlers, and private bathrooms.. A night on Belmond's iconic ...
An offset strategy consequently seeks to deliberately change an unattractive competition to one more advantageous for the implementer. In this way, an offset strategy is a type of competitive strategy that seeks to maintain advantage over potential adversaries over long periods of time while preserving peace where possible.
(The Center Square) – While many states expanded and adopted school choice programs in 2024, some advocates are excited about new education options for families in 2025 – made possible because ...