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Why is thicrucial for competitive results in bertrand model

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Reference no: EM13881528 , Length: 1000 Words

The Bertrand Paradox relies on the assumption that the demand for any one firm's product is very responsive to pricing by the other firm.

Why is this assumption crucial for the competitive results in the Bertrand Model?

How would this results be affected if consumers were reluctant to shift purchases from one firm to another because of consumer switching costs?

What other assumptions are crucial for the Bertrand Paradox?

Reference no: EM13881528

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