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What is common among Cournet, Bertrand, and Stackelberg models? Question 3 options: Total industry profits are less than what could be achieved if firms acted
What is common among Cournet, Bertrand, and Stackelberg models?
Question 3 options:
Total industry profits are less than what could be achieved if firms acted like a cartel | |
Decisions are always made sequentially | |
Pricing is a fixed element; firms cannot adjust price | |
Quantity is a fixed elements, firms cannot adjust output |
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