If Bertrand competitors cannot differentiate their products, whichever firm sets the higher price will:

Name: If Bertrand competitors cannot differentiate their products, whichever firm sets the higher price will:
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Question

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In a Bertrand competition model where firms cannot differentiate their products, the firm that sets a higher price than its competitor will sell nothing because consumers will opt for the identical product offered at a lower price by the competitor.

If Bertrand Competitors Cannot Differentiate Their Products, Whichever Firm Sets