g. Let t denote the last period in which 1pt 1k S 1 k L 2 2

Question:

g. Let t denote the last period in which 1pt 1k S 1 k L

2 2 c2 $ 0. Describe what happens in a subgame perfect equilibrium, beginning in period t 5 1, as time goes by, that is, as t, t L

, and t S

pass. Is there ever a time when price rises as the industry declines?

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