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In the Bertrand model, why might a consumer willingly pay more for a product at one firm than he or she would for a similar
In the Bertrand model, why might a consumer willingly pay more for a product at one firm than he or she would for a similar product at another firm? By the time the consumer bought the product, she only saw the price set by the first-mover firm. He did not know about the cheaper product when he bought the more expensive one. The consumer viewed the two products as perfect substitutes. The two goods are differentiated from one another
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