Multiple Choice
Which of the following is true about a differentiated-product Bertrand duopoly?
A) Firm 1 and firm 2's reaction functions are downward sloping.
B) Firm 1 and firm 2's reaction functions are upward sloping.
C) Firm 1's reaction function is downward sloping but firm 2's reaction function is upward sloping.
D) In a differentiated-product Bertrand duopoly neither firm has a reaction function.
Correct Answer:
Verified
Correct Answer:
Verified
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