In a Bertrand model with identical products
A) price is the same as in a competitive market equilibrium.
B) price and quantity are the same as in a monopoly.
C) price and quantity are the same as in a duopoly.
D) None of the above.
A
Economics
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Economic profit is ________
A) included in the firm's total opportunity cost B) equal to normal profit minus total opportunity cost C) equal to total revenue minus marginal cost D) equal to total revenue minus total opportunity cost
Economics
Figure 17.2 depicts a firm's marginal revenue product curve. If the wage rate is $15, how many workers will the firm demand?
A. four workers B. five workers C. six workers D. seven workers
Economics