The three models of oligopolies, Cournot, Stackelberg and Bertrand, al
The three models of oligopolies, Cournot, Stackelberg and Bertrand, all assume firms independently choose the quantity of output to produce.
Indicate whether the statement is true or false
ANSWER
False. While the Cournot and Stackelberg models assume quantity choice as the action, in the Bertrand model, firms choose price.
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