a. There are three identical firms in an industry, which together have 100% of the market. The firms are Cournot competitors selling a homogenous product with market demand P=1-Q, where Q= 9: +42+43. During a number of weeks, the firms have been engaged in a promotional campaign in the major newspapers of the country. In these announcements, separately made by each of the firms, a firm announces the price of its product. Do you think the competition authority should be concerned about those announcements? Explain your answer using examples and diagrams whenever possible. b. Under which circumstances is implicit collusion sustainable in this industry? Compute the minimum discount factor that makes collusion sustainable. Explain. Imagine the firms sell a differentiated product. Would your answer to (a) change? Why? Would differentiated products make collusion more or less likely? C. a. There are three identical firms in an industry, which together have 100% of the market. The firms are Cournot competitors selling a homogenous product with market demand P=1-Q, where Q= 9: +42+43. During a number of weeks, the firms have been engaged in a promotional campaign in the major newspapers of the country. In these announcements, separately made by each of the firms, a firm announces the price of its product. Do you think the competition authority should be concerned about those announcements? Explain your answer using examples and diagrams whenever possible. b. Under which circumstances is implicit collusion sustainable in this industry? Compute the minimum discount factor that makes collusion sustainable. Explain. Imagine the firms sell a differentiated product. Would your answer to (a) change? Why? Would differentiated products make collusion more or less likely? C