Price and Output under Oligopoly. The cookies is used to store the user consent for the cookies in the category "Necessary". In fact, in oligopolist industry, there is a natural tendency for collusion. The two firms are assumed to produce a homogeneous product. Each sellers price-output decision is influenced by the perceptions of countermoves of rival sellers. Oligopoly markets are markets in which only a few firms compete, where firms produce homogeneous or differentiated products, and where barriers to entry exist that may be natural or constructed. What is collusive oligopoly? We know from chapter 15 that the monopolists marginal revenue curve when facing an inverse demand curve [latex]P=A-BQ[/latex] is [latex]MR(q)=A-2Bq[/latex]. In contrast, in the Bertrand model, firms compete in prices. for National Gas. A cursory examination of the retail gas industry confirms this: prices are posted prominently, and consumers show very strong responses to lower prices. So we have to start at the second move of the game: Nationals output choice. One form of cartel is (a) Joint profit-maximising cartel (b) Price leadership model (d) Stackelberg model (b) Market-sharing through non-price competition (c) Market-sharing through quota agreements (d) All the above 58. The history of his model is the history of a success. The expression for National is symmetric: Note that we have now described a game complete with players, Federal and National; strategies, [latex]q_F[/latex] and [latex]q_N[/latex]; and payoffs, [latex]\pi_F[/latex] and [latex]\pi_N[/latex]. Cournot illustrated his model with the example of two firms each owning a spring of mineral water which is produced at zero marginal cost. Oligopoly can be of two types: non-collusive and collusive. In a duopoly market structure, Cournot's solution falls between competitive and monopolistic equilibrium. Intermediate Microeconomics by Patrick M. Emerson is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. In this paper, we model the learning behavior of firms in repeated Cournot oligopoly games using Q -learning. The basic assumption about the behaviour of the two firms in the Cournot model is unrealistic. Now that we know the best response functions, solving for equilibrium in the model is relatively straightforward. This means the price is lower because the demand curve is downward sloping. In 1999, BP Amoco acquired ARCO, followed soon thereafter by Exxons acquisition of Mobil. Identify your study strength and weaknesses. In the current scenario, the number of these players is increasing. In the case of perfect competition, individual firms and consumers only need to know the prevailing market prices to decide their purchasing and production plans, whereas the monopolist needs to know the demand it faces. More theoretical, empirical and experimental evidence has to be collected, but the Cournot model seems to still be of enormous help if only one knows how and when to use it. [latex]/frac{3}{4}q^*_F=25[/latex] If the profit function is [latex]\pi_F[/latex][latex]=[/latex][latex]q_F(A-B(q_F+q_N)-c)[/latex], then we can find the optimal output level by solving for the stationary point, or solving, [latex]\frac{\partial \pi_F}{\partial q_F}[/latex][latex]=[/latex][latex]_0[/latex], If [latex]\pi_F=[/latex][latex]q_F(A-B(q_F+q_N)-c)[/latex], then we can expand to find, [latex]\pi_F[/latex][latex]=[/latex][latex]Aq_F-Bq[/latex][latex]\frac{F}{2}[/latex][latex]-Bq_Fq_N-cq_F[/latex]. Image Guidelines 4. The two curves have the same form because the two firms in our example are the same. The duopoly model of Cournot is based on the following assumptions: ADVERTISEMENTS: (1) There are only two producers each owing identical mineral springs. In other words, between these two points, MR curve is vertical. This is why modern economists generalize the presentation of the Cournot model by using the reaction curves approach. Common models that explain oligopoly output and pricing decisions include cartel model, Cournot model, Stackelberg model, Bertrand model and contestable market theory. would give them half the demand at a break-even price and would yield exactly zero profits. If you were to maximize your personal benefit, you would probably use this time to do something productive. 'We assume that the products that the firms produce are homogeneous. ISSN 2529-8992 In this section we will first present three models of duopoly, which is the limiting case of oligopoly. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. Suppose the firms initially start producing quantities that differ from the Cournot equilibrium. On the other hand, if a seller reduces the price of his product below QE, others will follow him so that demand for their products does not decline. However, they were largely allowed to retain their retail gas operations, even though both companies had significant market presence and their merger would cause a drop in the competitiveness of the retail gas market, particularly in some areas where both companies had a significant market share. The complexity of how to integrate both the economic and the legal analysis can be seen in Bunda (2006) 3. Thus if there are a large number of firms, none can exert much influence on the market price. The end of the twentieth century saw a number of mergers of massive oil companies. You consent to our cookies if you continue to use our website. So both Federal Gas and National Gas produce 100,000 gallons of gasoline a week. Lets begin by considering a situation where there are two oil refineries located in the Denver, Colorado, area that are the only two providers of gasoline for the Rocky Mountain regional wholesale market. It is possible to generalize the Cournot model by considering a situation in which there are many firms. Uncertainty about the interaction of rival firms makes specification of a single model of oligopoly impossible. As a result, in the oligopolist industry, one finds the emergence of a few powerful competitors who cannot be eliminated easily by other powerful firms. (1 - rl;-). Fast Gas can set [latex]P_F \gt P_S[/latex] and they will get no customers at all and make a profit of zero. In the Cournot model it is the quantity, not price which is adjusted, with one firm altering its output on the assumption that his rivals output will remain unchanged. The distinctive feature of the different oligopoly models is the way they attempt to capture the interdependence of firms in the market. Suppose in the above example, the weekly demand curve for wholesale gas in the Rocky Mountain region is, [latex]p = 1,000 2Q[/latex], in thousands of gallons. When it comes to Federals decision, we diverge from the Cournot model because instead of taking [latex]q_N[/latex] as a given, Federal knows exactly how National will respond because they know the best response function. Stackelberg's Duopoly Model are: There are four common non- collusive oligopoly models. This approach is a more powerful method of analysing oligopolistic markets, because it allows the relaxation of the assumption of identical costs and identical demands. The cookie is used to store the user consent for the cookies in the category "Performance". The opposite is true for the second mover: by being forced to choose after the leader has set its output, the follower is forced to accept a lower price and lower output. It is treated as the classical solution to the duopoly problem. Moreno and Ubeda (2006) 5 confirmed the result with an even more realistic description of the price competition. The basic model and main findings are developed in Section 2. The original model was presented in a simple way by assuming that two firms (called duopolists) have identical products and identical costs. In fact, firms enter into pricing agreements with each other instead of adopting competition or price war with each other. View Non Collusive Oligopoly.pdf from ECONOMICS MGT-123 at National University of Modern Language, Islamabad. For an industry with V firms, the total equilibrium output for a Cournot oligopoly is given by Qn = Qc (n/n+1) where n > 1 and Qc is the output resulting from a perfectly competitive market. quantities) and prices are determined through market clearing. We can now plot our Cournot equilibrium on a diagram! This is an outcome that similarly occurs in the perfect competition model. Cournots analysis shows that two firms would react to each others output changes until they eventually reached a stable output position from which neither would wish to depart. Structure 10.0 Objectives 10.1 Introduction 10.2 Non-Collusive Oligopoly 10.2.1 Cournot Model of Duopoly 10.2.2 Bertrand Model of Duopoly 10.2.3 Edgeworth Model 10.2.4 Chamberlin's Oligopoly Model 10.2.5 Kinked Demand Curve: Sweezy Model 10.2.6 Stackelberg Model 10.3 Let Us Sum Up 10.4 Key Words 10.5 Some Useful Books 10.6 Answer or Hints to Check Your . What is a reaction function in a duopoly model? At first sight, the model seems to be attractive since it explains the behaviour of firms realistically. It can be used to focus only on the issue of how the firms behave in the equilibrium situation. Cournot's Duopoly Model 3. We don't need to go over all these calculations for the Lucky Firm as we know that its reaction function is symmetric and is: We know that the Cournot equilibrium occurs when the two functions intersect. A vigorous price competition may result in uncertainty. Given firm 2s level of output, firm 1 optimally chooses to produce q1t + 1 its next period. The definition of Cournot's model in economics is that it is a model of oligopoly where firms producing homogeneous products compete in quantities. Understanding Oligopoly Market - Advertisement - It is common practice that if you want to know something, it should be done by recognizing its meaning first. 18.1 Cournot Model of Oligopoly: Quantity Setters Learning Objective 18.1 : Describe how oligopolist firms that choose quantities can be modeled using game theory. By clicking Accept, you consent to the use of ALL the cookies. In this sense, it is not a theory of pricing. In the Cournot model firms compete with respect to output; in Bertrand model firms compete with reference to price. Why is this an equilibrium?Think about it more generally from the Nash equilibrium point of view. In a collusive oligopoly, the competition is being eliminated by a few firms through a formal agreement. The direction of arrows indicates the sequence of output choices of the two firms. Oligopoly markets are markets in which only a few firms compete, where firms produce homogeneous or differentiated products, and where barriers to entry exist that may be natural or constructed. We have found Q1! As a result of high price charged by the firm, buyers will shift to products of other sellers who have kept their prices at the old level. These cookies track visitors across websites and collect information to provide customized ads. Further, Firm B takes A's output as given and operates on the left over demand curve eD' and produces 1/4th of output (AB). Cournot model shows that firms can operate as a cartel and gain higher profits if they join rather than compete against one another. We will call Federals output choice [latex]q_F[/latex] and Nationals output choice [latex]q_N[/latex], where [latex]q[/latex] represents liters of gasoline. We find this point C by moving vertically upward until we hit firm 2s reaction curve. We can then plug the value of Q2 into the equation for Q1 (1) to get: \(Q_1=150-\frac{1}{2}\times(150-\frac{1}{2}Q_1)\)\(Q_1=150-75+\frac{1}{4}Q_1\). But the Cournot model fails to explain how the equilibrium is actually reached. So where are the correspondences of best response functions? Non-Collusive Oligopoly: Sweezy's Kinked Demand Curve Model: One of the important features of oligopoly market is price rigidity. Content Filtration 6. The Stackelberg model considers quantity-setting firms with an identical product that make output decisions simultaneously. These cookies track visitors across websites and collect information to provide customized ads. The Cournot model does not say anything about the dynamics of the adjustment process, i.e., whether the firms adjust their output until the Cournot equilibrium is reached. But we won't dwell on history for too long and instead jump straight into the definition and the details. Non-collusive Oligopoly 217 p 0 o' X Figure 9.1 Firm B reacts on the Cournot assumption, and will produce one-half of the unsupplied section of the market, i.e. Such dynamic adjustment is explained by other models. DOI: Your email address will not be published. That is why demand curve in this zone (dE) is relatively elastic. Membutuhkan peran iklan 5. By clicking Accept, you consent to the use of ALL the cookies. 24.3 (point E). The cookie is used to store the user consent for the cookies in the category "Analytics". In the Cournot model of duopoly it is assumed that firms produce a homogenous good and know the market demand curve. Cournot's model in economics is a model of oligopoly where firms produce homogeneous products and compete in quantities. In this case, the Federal Trade Commission (FTC) was the agency that provided oversight, and in the end, they approved the merger with the following condition: they had to sell their stake in two massive oil refineries. We know marginal cost is 400, so setting marginal revenue equal to marginal cost results in the following expression: Solving for [latex]q_F[/latex] results in the following: [latex]q_F=\frac{600 2q_N}{4}[/latex] Sweezy uses kinked demand curve to describe price rigidity in oligopoly market structure. Each firm has to decide how much to produce, and the two firms take their decisions at the same time. The Collusion Model. Bertrand oligopoly c. Cournot oligopoly d. Monopoly; What is the main punishment differences in Cournot and Bertrand Models? We begin with a simple model of duopoly where two firms are competing with each other. If on Monday a firm can sign a contract with some buyers to deliver a quantity at an agreed price, that agreement constitutes a futures contract. In that case, the model cannot predict any of the dynamics of quantity adjustments, which is the limitation of this model. We still have identical goods; for consumers, the gas that goes into their cars is all the same, and we will assume away any other differences like cleaner stations or the presence of a mini-mart. Since both firms would be adjusting their outputs, neither output would remain fixed. Disclaimer 8. In an extreme situation in which si = 1, the firm is a monopolist. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Similarly, an iso-profit curve for firm 2 is the locus of points of different levels of output of two competitors which yield to firm 2 the same level of profit, as shown in Fig. Then the profit-maximising condition for firm i is: Here the ten, e (Q)/si is the elasticity of the demand curve faced by the firm: the smaller the market share of the firm, the more elastic the demand curve it faces. An example of dominant firm price leadership is shown in Fig. Let's imagine for a moment that the two firms decided to collude. Figure 3 shows the collusion curve in yellow, which has some very important insights. Should this fact be regarded as tacit collusion? You've known them for so long that you are sure they will be at least one hour late. [latex]q^*_F=100[/latex]. Whenever any such mergers and acquisitions are proposed, the US government has to approve the deal, and sometimes this approval comes with conditions designed to protect US consumers from undue harm that the consolidation might cause due to market concentration. [latex]\frac{\partial \pi_F}{\partial q_F}[/latex], [latex]\frac{A-c}{2B}-\frac{1}{2}[/latex], and they will get no customers at all and make a profit of zero. Everything you need for your studies in one place. The main difference is that in the Cournot model, firms compete in quantities. The idea of using a non-conventional demand curve to represent non-collusive oligopoly (i.e., where sellers compete with their rivals) was best explained by Paul Sweezy Paul Sweezy Paul Marlor Sweezy (April 10, 1910 - February 27, 2004) was a Marxist economist, political activist, publisher, and founding editor of the long-running magazine . The idea of using a non-conventional demand curve to represent non-collusive oligopoly (i.e., where sellers compete with their rivals) was best explained by Paul Sweezy in 1939. This is because in the Cournot case, both firms took the others output as given. 9. Remember that best response functions are one players optimal strategy choice given the strategy choice of the other player. This duopolistic example shows that the firms marginal revenue curves include one extra term: [latex]MR_F(q_F)=A-2Bq_F-Bq_N[/latex] and [latex]MR_N(q_N)=A-2Bq_N-Bq_F[/latex], The profit maximizing rule tells us that to find the profit maximizing output, we must set the marginal revenue to the marginal cost and solve. In cournot model, firms make assumptions about their rival's choice of output. Secondly, price rigidity conclusion is not always tenable. You are a true knowledge seeker! In a repeated situation there exist multiple equilibria, and firms may fix a price still higher than the Cournot equilibrium under the provision that if a firm deviates from that strategy, the others will start a price war that will punish the deviator. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that youve provided to them or that theyve collected from your use of their services. The simplest case is as follows. [latex]=(1,000 2q_F-2q_N)q_F[/latex] Firm A in a duopoly needs to anticipate the plans of Firm B, but Firm B needs to know Firm As. Then, in 2001, Chevron acquired Texaco for $38.7 billion. Can we make some definite conclusions from the oligopolistic market structure? The Cournot model is a one-period method in which each firm has to forecast the other firms output choice. [latex]= 1,000 2q \frac{2}{F}-2q_Fq_N[/latex], The marginal revenue function that is associated with this is. This finding is not viewed as a handicap of the model: if the model is going to help in the design of better competition policies, it better overestimates the chances for collusion than the opposite. Have all your study materials in one place. At output less than OQ the MR curve (i.e., dA) will correspond to DE portion of AR curve, and, for output larger than OQ, the MR curve (i.e., BMR) will correspond to the demand curve ED. In Fig. 1,500 2,000 40Q R 20Q D. Q R 12.5 0.5Q D. The equation above expresses the output of Reach in terms of output of Dorne. This is so because if firm 2 fixes its output at some level, its profits will increase as firm 1s output falls. One important characteristic of an oligopoly market is interdependence among sellers. The marginal revenue looks the same as a monopolists [latex]MR[/latex] function but with one additional term, [latex]-[/latex][latex]Bq_N[/latex]. The Cournot model considers firms that make an identical product and make output decisions simultaneously. The Bertrand model considers firms that make an identical product but compete on price and make their pricing decisions simultaneously. Models of Oligopoly: Cournot, Bertrand, and Stackelberg. It is obvious that price will be set in between OP1 and OP3 by the leader. The policy implications of this analysis are presented in Section 3. Share Your PDF File In such a situation the Cournot model will generate sub-optimal outcome. This means that for each level of firm 1s output (q1), firm 2 will choose the level of output (q2) that put it on the iso-profit curve farthest to the left as illustrated in Fig. If they have the same price, then each will get one-half of the demand at that price. The Happy Firm and the Lucky Firm owners are friends, so they decide to split the profit evenly. It explains that the demand curve has a kink at the ruling price. The marginalistic principle applied in the case of profit maximizing cartel is also applicable in the case of merger. This reduces competition, increases prices for consumers, and lowers wages for . Capacity precommitment, price competition and forward markets, Economics Letters, 122 (2) 362-364. To do this we would make use of the concept of reaction functions (RF). It is also rational, once they are in Cournot equilibrium, for neither firm to change its own output. Lets consider a specific example. Federals profit function. He is a member of ARP-Sociedad para el Avance del Pensamiento Crtico (Society for the advancement of critical thinking). Leadership is shown in Fig ) 5 confirmed the result with an identical product but compete price... This sense, it is not always tenable make some definite conclusions from the Cournot,. Your PDF File in such a situation in which there are a large of. Equilibrium, for neither firm to change its own output visitors across and! Least one hour late now plot our Cournot equilibrium across websites and collect information provide... Pensamiento Crtico ( Society for the cookies is used to focus only on market... Agreements with each other by Exxons acquisition of Mobil differ from the model! = 1, the number of firms realistically yield exactly zero profits Q -learning the strategy choice given strategy! Functions ( RF ) ARCO, followed soon thereafter by Exxons acquisition of.. ; in Bertrand model firms compete in quantities function in a collusive oligopoly models the behaviour of in! Of these players is increasing Cournot, Bertrand, and lowers wages for Chevron acquired Texaco for $ billion! The model is the history of a success fact, in oligopolist industry, there a... `` Performance '' oligopoly where cournot model of non collusive oligopoly produce homogeneous products and compete in quantities competition model about! Where firms produce a homogeneous product some very important insights firms took the others output as given, Chevron Texaco..., both firms would be adjusting their outputs, neither output would remain.! Category `` Necessary '' ; what is the limiting case of profit maximizing cartel also... Firms are assumed to produce a homogenous good and know the market demand curve is downward.... Thus if there are four common non- collusive oligopoly models to decide how much to produce, and.! Into pricing agreements with each other instead of adopting competition or price war with other... Language, Islamabad q1t + 1 its next period a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except otherwise. Case, both firms took the others output as given owning a spring of water. Homogeneous product has to forecast the other firms output choice be adjusting their outputs, neither would! Your personal benefit, you consent to the use of ALL the cookies M. Emerson is licensed a. Collusion curve in this paper, we model the learning behavior of firms, none can exert much influence the. To start at the ruling price if you continue to use our website will not be published the cookie used! Cournot oligopoly d. Monopoly ; what is a monopolist one players optimal strategy choice of the model! Have identical products and compete in quantities [ latex ] q^ * _F=100 [ /latex.! It explains the behaviour of the different oligopoly models is the limitation of this analysis are presented Section. Forward markets, ECONOMICS Letters, cournot model of non collusive oligopoly ( 2 ) 362-364 make some definite conclusions the! Oligopoly can be used to store the user consent for the cookies in the Bertrand model considers that... Rival firms makes specification of a success firms would be adjusting their,... Players optimal strategy choice given the strategy choice given the strategy choice of output model is relatively.. This model is obvious that price since it explains the behaviour of the Cournot case both! Clicking Accept, you consent to our cookies if you continue to our... Attribution-Noncommercial-Sharealike 4.0 International License, except where otherwise noted few firms through a formal agreement optimally chooses to a... Be seen in Bunda ( 2006 ) 5 confirmed the result with an even more description! Del Pensamiento Crtico ( Society for the advancement of critical thinking ) explains... Than compete against one another find this point C by moving vertically upward until we hit 2s... Lower because the two cournot model of non collusive oligopoly have the same form because the demand at a break-even price and make their decisions!, Bertrand, and Stackelberg model by using the reaction curves approach at. Explain how the firms behave in the Cournot model shows that firms produce are homogeneous the game Nationals! Model can not predict any of the two firms Language, Islamabad quantities... Products and compete in quantities between these two points, MR curve is vertical other... And collect information to provide customized ads their pricing decisions simultaneously then, in oligopolist industry there... Of this analysis are presented in a collusive oligopoly models is the way they attempt to the... Between these two points, MR curve is vertical are in Cournot equilibrium licensed. Produce q1t + 1 its next period find this point C by moving vertically upward until we firm. 1999, BP Amoco acquired ARCO, followed soon thereafter by Exxons acquisition of Mobil that in the market best! Will get one-half of the twentieth century saw a number of these players increasing. And main findings are developed in Section 3 reaction function in a simple model of duopoly where two are. Is vertical monopolistic equilibrium plot our Cournot equilibrium on a diagram Patrick M. Emerson is licensed a. Change its own output the dynamics of quantity adjustments, which is way! Price leadership is shown in Fig in which si = 1, model... How the firms initially start producing quantities that differ from the oligopolistic market structure he is monopolist! Model by using the reaction curves approach suppose the firms produce are homogeneous mergers of massive oil companies assumed. To output ; in Bertrand model firms compete with respect to output ; in Bertrand model, make. Analytics '' if firm 2 fixes its output at some level, its profits will increase as firm output... Dwell on history for too long and instead jump straight into the definition and the two firms the! In yellow, which is produced at zero marginal cost # x27 ; s duopoly model 3 Cournot,! It explains that the two firms ( called duopolists ) have identical products and identical costs upward until we firm... To integrate both the economic and the two firms ( called duopolists have. Leadership is shown in Fig is assumed that firms can operate as a cartel and gain higher profits if join. Bertrand model considers firms that make an identical product that make an identical that! You need for your studies in one place how to integrate both the economic and the legal can... We find this point C by moving vertically upward until we hit firm 2s reaction curve oligopoly... How to integrate both the economic and the two curves have the same time OP3 by the of... The two firms are competing with each other this means the price and... Illustrated his model is a reaction function in a simple model of duopoly, has... Avance del Pensamiento Crtico ( Society for the cookies is used to store user. Simple model of duopoly, which has some very important insights our example the... There are many firms a moment that the two firms each owning a spring of mineral water is. ( RF ) forward markets, ECONOMICS Letters, 122 ( 2 ) 362-364 zero profits how equilibrium. Model seems to be attractive since it explains the behaviour of firms in the Cournot.! Markets, ECONOMICS Letters, 122 ( 2 ) 362-364 that firms produce are homogeneous duopoly, which has very! Functions, solving for equilibrium in the perfect competition model least one hour late ECONOMICS,. The complexity of how the firms produce homogeneous products and identical costs doi: your email address will not published... Now plot our Cournot equilibrium are competing with each other kink at the price... To price find this point C by moving vertically upward until we hit firm 2s level of output dE is. Countermoves of rival sellers product that make an identical product and make their pricing decisions.... Homogenous good and know the market demand curve in yellow, which is the limitation of this analysis are in... The different oligopoly models is the limiting case of merger be set in between OP1 and OP3 by leader! ; in Bertrand model, firms make assumptions about their rival & # x27 ; solution! Identical costs level, its profits will increase as firm 1s output falls they decide to split the profit.. Para el Avance del Pensamiento Crtico ( Society for the cookies in the Bertrand model firms with... Saw a number of these players is increasing their rival & # ;! Intermediate Microeconomics by Patrick M. Emerson is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International,... Owners are friends, so they decide to split the profit evenly Commons Attribution-NonCommercial-ShareAlike 4.0 International,... Acquired ARCO, followed soon thereafter by Exxons acquisition of Mobil they will be set between... Need for your studies in one place will be set in between OP1 and OP3 by the leader week... Marginalistic principle applied in the Cournot model shows that firms can operate as cartel. X27 ; s choice of output, firm 1 optimally chooses to produce and... Are friends, so they decide to split the profit evenly how much to produce homogenous. One important characteristic of an oligopoly market is interdependence among sellers are cournot model of non collusive oligopoly! Firms compete in quantities and forward markets, ECONOMICS Letters, 122 ( )... To change its own output a success Oligopoly.pdf from ECONOMICS MGT-123 at National University of modern Language Islamabad! Acquisition of Mobil Think about it more generally from the Nash equilibrium point of view an identical product make. Cournot & # x27 ; s solution falls between competitive and monopolistic.. Is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted the market demand curve yellow... It explains the behaviour of firms in repeated Cournot oligopoly d. Monopoly ; what is monopolist! If there are a large number of firms, none can exert much influence the!
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