Multiple Choice
-Consider Figure 8.2, which depicts two firms producing a homogeneous product at the same constant marginal cost. According to the Bertrand model, the marginal cost of production for both firms is:
A) PN.
B) 0.
C) Greater than zero but less than PN.
D) Greater than PN.
E) Cannot be determined on the basis of the information provided.
Correct Answer:
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