Under the Cournot model of this structure, firms simultaneously determine their output, while under the Bertrand model firms make simultaneous decisions about price.
Under the Cournot model of this structure, firms simultaneously determine their output, while under the Bertrand model firms make simultaneous decisions about price. Real world examples include the automobile industry for differentiated products and the steel and oil industries for non- differentiated products. For 10 points—name this market system where the production and distribution of a good is dominated by a few large firms.
Under the Cournot model of this structure, firms simultaneously determine their output, while under the Bertrand model firms make simultaneous decisions about price.
{oligopoly}