Cournot, Stackelberg and Bertrand models describe market outcomes in an industry with two rival duopolists. Explain the insights of these models, focussing on outcomes for firms and consumers, compared to the standard competitive and monopoly outcomes.
Intermediate Microeconomics Coursework Brief: Answer ONE of the following questions. The word count guideline is 1750 words. Cournot, Stackelberg and Bertrand models describe market outcomes in an industry with two rival duopolists. Explain the insights of these models, focussing on outcomes for firms and consumers, compared to the standard competitive and monopoly outcomes. A representative […]