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Don't copy from internet Question 1 This question focuses on Oligopoly. a) Describe, in your own words, the models of Bertrand and Cournot competition. What

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Question 1 This question focuses on Oligopoly. a) Describe, in your own words, the models of Bertrand and Cournot competition. What are the incentives faced by firms in each model? [15 marks] b) Provide an intuitive description of what happens when the number of firms competing in Cournot competition increases. Is there any similarity to Bertrand competition? [10 marks]

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