A payoff matrix is a table used in game theory that shows the potential outcomes (payoffs) for each combination of strategies chosen by players involved in a game.
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Dominant strategy equilibrium: A situation in which each player's best strategy aligns with the other player's best strategy, resulting in a stable outcome.
Zero-sum game: A type of game where one player's gain is exactly equal to the other player's loss, meaning the total payoff remains constant.
Mixed strategy: A strategy in which players randomize their choices to create uncertainty and gain an advantage over opponents.