Why do they reach different market equilibria

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1. Contrast Bertrand and Cournot competition. Why do they reach different market equilibria?

2. What does the residual demand curve tell us about a firm's output in Cournot competition?

3. How can reaction curves be used to find a firm's equilibrium in Cournot competition? 8. What causes the first-mover advantage in Stackelberg competition?

Reference no: EM131335721

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