One criticism of the Bertrand pricing model is that
A) the model is implausible when there is product differentiation.
B) when there is an oligopoly with no product differentiation, the model's prediction is inconsistent with reality.
C) the model's predicted price is solely a function of demand conditions.
D) the model's predicted price is dependent on the number of firms.
B
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The phrase "double coincidence of wants" ________
A) is useful to explain why barter is an efficient practice B) refers to two people who have similar tastes C) suggests a quite improbable circumstance D) clarifies the distinction between income and wealth E) none of the above
____ is a doctrine that holds that exports are good for a country, whereas imports are harmful
a. Supply-side economics b. Mercantilism c. Free trade d. Monetarism