The Nash Equilibrium Is a Bertrand Game of Price Setting

question 11

Multiple Choice

The Nash equilibrium is a Bertrand game of price setting where all firms have different marginal cost is

• A)efficient because all mutually beneficial transactions will occur.
• B)efficient because of the free entry assumption.
• C)inefficient because some mutually beneficial transactions will be foregone.
• D)inefficient because of the uncertainties inherent in the game.

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