𝗪𝗛𝗬 𝗱𝗼 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗼𝗿𝘀 𝗼𝗽𝗲𝗻 𝘁𝗵𝗲𝗶𝗿 𝘀𝘁𝗼𝗿𝗲𝘀 𝗻𝗲𝘅𝘁 𝘁𝗼 𝗼𝗻𝗲 𝗮𝗻𝗼𝘁𝗵𝗲𝗿
Let's explain it with a classic example theorists use.Assume there are 2 ice-cream vendors, A and B on a 1 km long beach, both looking to increase their revenue.Initially, they set up their stalls 250m from the middle, on opposite sides. A gets all the customers to its left, B gets all the customers to its right, and the ones in the middle are split 50/50.
So both A & B get 50% of the customers. But B is not satisfied.The next day, B shifts his stall to the exact middle, while A remains at the same spot. Now B gets 62.5% of the customers & A gets just 37.5%.So the next day, A also moves his stall to the middle of the beach.Now both get 50% of the customers, but more importantly neither of them can change their position to get more customers.
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𝗜𝗳 𝘆𝗼𝘂 𝗹𝗶𝗸𝗲 𝗶𝘁 𝘁𝗵𝗲𝗻 𝘀𝗵𝗮𝗿𝗲 𝗶𝘁.
@MindBlowingFacts
