oligopoly (stackelberg vs cournot vs bertrand)

Question 1

Assumptions for Bertrand

Answer 1

• N amount of firms
• Competes w/ Setting prices
• Homogenous Products
• Simultaneous Decisions

Question 2

Assumptions for Cournot

Answer 2

• N amount of firms
• Competes w/ Setting Quantities
• Homogenous Products
• Simultaneous Decisions

Question 3

Assumptions for Stackelberg

Answer 3

• 2 firms
• Competes w/ Setting Quantities
• Homogenous Products
• Sequential Decisions