which alteration of the assumptions behind the bertrand model can help avoid the bertrand paradox (that an outcome resembling perfect competition may arise with even as few as two firms)? i. assume firms have limited capacities. ii. assume firms produce differentiated rather than homogeneous products. iii. assume firms play repeatedly and thus may collude.

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17-12-2022
Business

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which alteration of the assumptions behind the bertrand model can help avoid the bertrand paradox (that an outcome resembling perfect competition may arise with even as few as two firms)? i. assume firms have limited capacities. ii. assume firms produce differentiated rather than homogeneous products. iii. assume firms play repeatedly and thus may collude.

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TiyashaNaskar TiyashaNaskar · Answer 1 · 2022-12-25T17:51:57+01:00

Alteration of the assumptions behind the bertrand model can help avoid the bertrand paradox as it; assumes firms have limited capacities,produce differentiated rather than homogeneous products, and play repeatedly and thus may collude.

What does a Firm mean?

A "firm" is a business organization, such as a corporation, partnership, or sole proprietorship, that exchanges goods or services for money with customers. A business that is owned and operated by one or more individuals, or by a group of individuals working together, is often referred to as a sole proprietorship. A "firm" can also refer to a professional organization that provides specialized services to its clients, such as a law firm or an accounting firrm.

What does Law Firm mean?

A law firm is a company formed by one or more lawyers to practice law. A law firm's primary service is to advise clients (individuals or corporations) on their legal rights and responsibilities, as well as to represent them in civil or criminal cases, business transactions, and other matters requiring legal advice or other assistance.

Therefore the correct option is D. All of the above which is not stated in the question.

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