An Important Weakness of the Bertrand, Collusion, and Cournot Models

question 63

Multiple Choice

An important weakness of the Bertrand, Collusion, and Cournot models is that they assume the game is:

• A)played repeatedly.
• B)fair.
• C)supervised by government.
• D)played once only.

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Definitions:

External Reward

Motivation that comes from outside of the individual, often in the form of praise, money, or a physical reward.

Intrinsic Motivation

A drive to engage in activities for their own sake, deriving pleasure and satisfaction from the activity itself rather than from external rewards.

For Its Own Sake

Undertaking an activity for the pleasure and value derived directly from the activity itself, rather than for achieving an external goal.

Biologically Determined

Refers to traits, behaviors, or conditions that are influenced by genetic makeup rather than the environment.