Two Firms Sell 100% Orange Juice in 10 Ounce Bottles

question 11

Multiple Choice

Two firms sell 100% orange juice in 10 ounce bottles.The juice is only good for one week.The two firms have contracts for all the oranges produced in a large geographic area.Each firm decides how many bottles of juice to produce at the same time.This market is best described with a

• A) Bertrand model.
• B) Stackelberg model.
• C) monopolistic competition model.
• D) Cournot model.

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Definitions:

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The act of influencing public decision-making through methods other than direct contact with legislators or officials, often involving public campaigns or mobilizing interest groups.

Arbitrator

An independent third party who is appointed to settle disputes or conflicts between parties, making a decision that is usually binding.

Mediator

A neutral third party who assists in resolving a dispute or conflict through dialogue and negotiation without taking sides.

Sarbanes-Oxley Act

A U.S. federal law enacted in 2002 to protect investors from fraudulent financial reporting by corporations, introducing stringent requirements for corporate governance and financial practices.