Economics · Market Structure
With reference to the Bertrand model of duopoly, which of the following statements is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Each duopolist assumes that the other keeps its output constant.
- 2Each duopolist assumes that the other keeps its price constant.✓
- 3It successfully explains price rigidity.
- 4The duopolists recognize their mutual interdependence.
Correct answer
Each duopolist assumes that the other keeps its price constant.
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