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3. What determines if the firm gains (and there-fore has an incentive) to set the price below the equi-librium level? 4. If firms playing this

3. What determines if the firm gains (and there-fore has an incentive) to set the price below the equi-librium level?

4. If firms playing this game (i.e., setting the price

below the equilibrium level) benefit, why would your firm or any firm also adopt this strategy and also earn a higher profit?

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