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In a Bertrand duopoly with product differentiation,explain how a change in one firm's marginal cost can have an effect on the price charged by the other firm.
International Trade
The exchange of goods and services between countries, allowing for greater variety and availability of resources and products.
Domestic Consumption
The total amount of goods and services consumed by the residents of a country.
Domestic Production
The total value of all goods and services produced within a country's borders over a specified period of time.
Protection
Measures taken by a government to safeguard its industries from overseas competition, often through tariffs, quotas, or other restrictions.
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