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b. (10 points). Say instead that Road Dog and Nature Boy were in a Bertrand setting in which both choose the price simultaneously. The rm

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b. (10 points). Say instead that Road Dog and Nature Boy were in a Bertrand setting in which both choose the price simultaneously. The rm that chooses the lowest price gets to choose how much to sell to the market. If they both choose the same price, they split the market. Describe the new Nash equilibrium and explain why it will develop that way. How will the following features change from the Cournot quantity setting situation in part a: Market price Overall market quantity Quantities for Road Dog and Nature Boy Prots for Road Dog and Nature Boy Consumer Surplus. Use sentences to describe the changes

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