An Example of a Market Where a Bertrand Model Would

question 18

Multiple Choice

An example of a market where a Bertrand model would be NOT be plausible is the market for

• A)pizza.
• B)sweaters.
• C)motorcycles.
• D)toothpicks.

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Definitions:

Fallacy

A mistaken belief, especially one based on unsound arguments or logical errors.

Fallacy Of Composition

The erroneous belief that what is true for the individual is necessarily true for the group as a whole.

Economic Relationships

Connections or associations between economic variables that show how changes in one can affect changes in another.

Post Hoc

Short for "post hoc ergo propter hoc," a logical fallacy implying that because one event follows another, the first event was the cause of the second.