The difference between Bertrand and Cournot models is that:
A) quantity per firm increases and price decreases with the number of firms.
B) they apply to all possible market structures.
C) the monopoly and perfect competition models are special cases.
D) quantity per firm and price are constant for all markets with two or more firms.
Correct Answer:
Verified
Q11: Suppose the demand function in the industry
Q12: The Cournot model is attractive for all
Q13: The Cournot model of oligopoly is one
Q14: Two firms share a market with demand
Q15: A particular market is served by two
Q17: If the LAC curve of a potential
Q18: Suppose the market has two firms, and
Q19: The limit price may be defined as:
A)the
Q20: The level of output per firm under
Q21: Experimental evidence indicates that:
A)the Cournot model best
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