Business, 26.08.2019 18:10, lucygperez7946

Which of the following best describes the problems associated with using the bertrand model to analyze an oligopoly when firms produce an identical good. a. the equilibrium price is insensitive to demand conditions and is only affected by the number of firms. b. the number of firms has no effect on the equilibrium price, but small changes in demand can have an unpredictable effect on price. c. the bertrand "competitive" equilibrium price is implausible and depends on the number of firms. d. the bertrand "competitive" equilibrium price is implausible and is insensitive to demand conditions.

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Which of the following best describes the problems associated with using the bertrand model to analy...