Arrange the following concepts in the correct sequence that leads to the establishment of a Nash Equilibrium in a competitive scenario: A) Players choose strategies based on their expectations of others' strategies B) Players reach a point where they have no incentive to change their chosen strategies C) Players analyze potential payoffs and outcomes of different strategy combinations D) Players iteratively adjust their strategies based on observed outcomes

To establish a Nash Equilibrium in a competitive scenario, players first analyze potential payoffs and outcomes of different strategy combinations. This helps them understand how their choices might affect their success in the game. Next, players choose strategies based on their expectations of what others will do, forming initial decisions. As the game progresses, players may iteratively adjust their strategies based on observed outcomes, learning from each interaction. Eventually, they reach a point where they have no incentive to change their chosen strategies, resulting in a stable Nash Equilibrium where everyone is making the best choice they can given the choices of others.