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Bertrand's price competition (implicitly or explicitly) assumes that: a. Firms have some degree of market power and are not small. b. There is intense price
Bertrand's price competition (implicitly or explicitly) assumes that:
a. | Firms have some degree of market power and are not "small". | |
b. | There is intense price competition, in the sense that consumers can switch from one supplier to another at no, or a very low, switching cost. | |
c. | Collusion is not possible. | |
d. | All of the above. |
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