Bertrand competition
Sign in to saveAlso known as Bertrand duopoly, Bertrand game, Bertrand model
economic model where firms set prices exceeding their marginal cost and their customers choose quantities at those prices, so that each firm maximise their profits by undercutting competitors' prices
Wikidata facts
- Instance of
- economic model
- Named after
- Joseph Bertrand
- Image
- Economics bertrand diag2.png
Sources (2)
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