Business, 26.12.2019 03:31 alexzavaleta775

For each market listed below, determine whether it is best characterized as a cournot oligopoly, stackelberg oligopoly, or bertrand oligopoly.

a. oil production. each firm produces output independently and the market price is determined by the total amount produced.

i. stackelberg oligopoly
ii. cournot oligopoly
iii. bertrand oligopoly
b. diamond production. debeers is the leader that sets diamond production, and smaller firms follow with their own levels of production.

i. stackelberg oligopoly ii. cournot oligopoly iii. bertrand oligopoly
c. competitive bidding by identical contractors. the contractor bidding the lowest fee wins the contract

i. cournot oligopoly
ii. bertrand oligopoly
iii. stackelberg oligopoly

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