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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
When firms choose outputs, as in the Cournot model, reaction functions slope downward. But when firms choose prices, as in the Bertrand model with differentiated products, reaction functions slope upward. Why do output reaction functions differ from price reaction functions in this way?
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