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Outline and discuss Bertrand's model of duopoly. How is it different from Cournot's model? How and why do the predictions of these models differ? Whichindustries/situationswould

Outline and discuss Bertrand's model of duopoly.

How is it different from Cournot's model?

How and why do the predictions of these models differ?

Whichindustries/situationswould Bertrand's model be the better fit and where would Cournot's model be better?

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