Economics · Microeconomics
Consider a homogeneous goods oligopoly. Which of the following statements are correct? I. Bertrand competition leads to price equal to marginal cost. II. Cournot equilibrium price exceeds marginal cost. III. Bertrand outcome can be inefficient under capacity constraints. IV. Cournot competition yields zero economic profit in the short run with fixed firms.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I and II only
- 2I, II and III only✓
- 3II and IV only
- 4I, III and IV only
Correct answer
I, II and III only
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