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Regarding the Bertrand competition model with product differentiation discussed in this course, (a) explain what it means that a firm's best response function is increasing
Regarding the Bertrand competition model with product differentiation discussed in this course, (a) explain what it means that a firm's best response function is increasing in the price of the other firm's product, and (b) provide an intuitive, non-mathematical explanation about the reason for this relationship (i.e. why it is increasing in the price of the other firm's product)
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The Economics of Women Men and Work
Authors: Francine D. Blau, Marianne A. Ferber, Anne E. Winkler
7th edition
978-0190670863, 019067086X, 132992817, 978-0132992817
