Both Bertrand and Cournot, in their collusion cheating models, assume that firms take other firms' prices/outputs in the previous period as variable.

Group of answer choices

True

False

Flag question: Question 2

Question 25 pts

In Bertrand cheating, Joseph Bertrand makes the realistic assumption that each time cheating firms adjust their prices, they assume that other firms in the industry will continue cooperating.

Group of answer choices

True

False