(a) Describe the concept of a Nash equilibrium. Within the context of oligopoly, describe the difference(s) between a Cournot-Nash equilibrium and a Bertrand-Nash equilibrium. In particular, as a seller/producer or a buyer/consumer, might you prefer one over the other? Explain your answer(s). [

(b) In terms of expected output, price, consumer surplus, profits and societal welfare, contrast the standard Cournot-Nash equilibrium (for the case of 2 firms), the monopoly equilibrium and the perfectly competitive equilibrium.