What Kind of Competition Is Generally Described as Quantity Competition

question 26

Multiple Choice

What kind of competition is generally described as quantity competition?

• A)Bertrand competition
• B)Cournot competition
• C)Perfect competition
• D)Chamberlin competition
• E)Monopolistic competition

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Definitions:

Price-Inelastic

Describes a situation where the demand for a product or service is relatively unaffected by changes in its price.

Water

A transparent, tasteless, odorless, and nearly colorless chemical substance that is the main constituent of Earth's hydrosphere and the fluids of most living organisms.

Price Elasticity

An indicator of the sensitivity of demand for a product to variations in its price, represented as a percentual change.

Small Percentage

A quantitatively minor proportion or fraction of a total amount, often implying a negligible or minor impact.