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There are two firms in an industry and their products are perfect substitutes for each other. Each ...

There are two firms in an industry and their products are perfect substitutes for each other. Each firm had a market share of 50% and charged equal prices. However, when the demand for the good declined due to a recession, Firm A lowered its price to increase sales. Firm B responded by lowering its price further. This is an example of the ________ of oligopoly.
A) Bertrand model
B) Cournot model
C) Ricardian model
D) Keynesian model

Textbook

Microeconomics

Edition: 1^st

Authors: Acemoglu, Laibson, List

Read 68 times

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