DImperfect Competition $-$ End of Chapter Problem

In each case below, identify the type of competition involved and determine whether there is likely to be a first$-$mover advantage.

a$.$ Saudi Arabia, a major oil producer, unilaterally announces its annual oil production target to the world.,

Type of competition:

First$-$mover advantage:

b$.$ L$.$L$.$Bean and Land's End sell nearly identical outerwear via mail order. Each is anxious to publish its fall catalog; once that catalog is published, the firm cannot change its prices without undertaking another costly mailing.

Type of competition:

First$-$mover advantage: