-Two Firms Are Competing in a Duopoly and Are Trying

question 107

Essay

-Two firms are competing in a duopoly and are trying to decide which price to set.The two prices under consideration are a high monopoly price and a low competitive level.If both seller A and seller B chose the monopoly price,each will make $20 million of economic profit.However,if one picks the monopoly price while the other picks the competitive price,the high-price firm will lose $1 million while the low-price firm will make $32 million.If both sell at the competitive level,they both make zero economic profit.Complete the payoff matrix below and determine the Nash equilibrium.

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Definitions:

Bona Fide Purchaser

An innocent buyer for valuable consideration who purchases goods without notice of any defects in the title of the goods acquired.

Regular Course

This term typically refers to actions or operations that are conducted in the normal and usual manner, according to established patterns or procedures.

Sale on Approval

A conditional sales agreement in which the buyer has the right to return the product within a specified period if it does not meet their satisfaction.

Buyer's Creditors

Individuals or entities to whom the buyer owes money and who may have claims against the buyer's property or assets.