Consider a market for a homogenous product with four active companies. Consumers value the product at 120 dollars and buy at most one unit. Total demand in the market is fluctuating. In any given period, demand is high with probability 1/3 and there are 60 potential customers. With probability 2/3, demand is low and there are 30 potential customers. Firms know the current demand level but not the level of demand in future periods. They compete in prices with an infinite horizon. Suppose all firms face the same constant marginal cost of 20 dollars and a discount factor o with 0