-Consider Figure 8.4 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:

Name: -Consider Figure 8.4 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:
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Both firms have the same constant marginal cost, which is represented by the horizontal line at point E.