Now we can plug the value of Q1 into (2): \(Q_2=150-\frac{1}{2}Q_1=150-\frac{100}{2}=100\). Cournot duopoly solution. The Bertrand model shows us that it takes very little competition to result in highly competitive pricing, so a merger that might reduce the number of competing gas station brands by one is unlikely to have much of a material effect on prices and therefore will be unlikely to harm consumers. Welcome to EconomicsDiscussion.net! We can obtain a firm's reaction curve using the MR R = MC R condition. [latex]A = 1,000[/latex], [latex]B = 2[/latex] and 'We assume that the products that the firms produce are homogeneous. Cournots analysis shows that two firms would react to each others output changes until they eventually reached a stable output position from which neither would wish to depart. Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. Given the large number of possible reactions, we come up with different models based on different assumptions about the behaviour of the rival sellers, the extent and form of exit and entry, the likelihood of collusion between firms. In a repeated situation there exist multiple equilibria, and firms may fix a price still higher than the Cournot equilibrium under the provision that if a firm deviates from that strategy, the others will start a price war that will punish the deviator. This work by Mapping Ignorance is licensed under Creative Commons Attribution-NonCommercial-NoDerivatives 4.0, 2023 Mapping Ignorance Now the task is to search for the equilibrium of the game. The lower supply and higher prices do material harm to consumers, however, and it is for this reason that the FTC stepped in and demanded that the merged company sell off its interest in two big refining operations. The essence of the Cournot model is that each duopolist treats the output level of its competitor as fixed and then decides how much to produce. The model of capacity choice plus price competition is no longer equivalent to the Cournot in the presence of futures markets. Collusion occurs when two or more firms cooperate to fix either prices or outputs for mutual advantages, such as higher profits. In Fig. His main research interests are Game Theory, Experimental Economics and Economic Methodology. The complexity of how to integrate both the economic and the legal analysis can be seen in Bunda (2006) 3. [latex]MR(q_F)=1,000 4q_F-2q_N[/latex]. Firms also want to put their resources to use in the best way given the other party's action! Then chop chop and read on! Its 100% free. Stop procrastinating with our study reminders. However, in the Bertrand model, firms are likely to go through a price war, bidding down prices to their marginal costs until no firm has an incentive to deviate. Learning Objective 18.3: Describe the different outcomes when oligopolist firms choose quantities sequentially. One of the important features of oligopoly market is price rigidity. When making its production decision, each firm takes its competitor into account. In contrast, in the Bertrand model, firms compete in prices. This is Federal Gass profit maximizing output level, given that they choose first and can anticipate Nationals response. Suppose the firms initially start producing quantities that differ from the Cournot equilibrium. The model is based on two assumptions. He has worked also at the University of Pennsylvania, ITAM and Chapman University. More recently, a couple of results contributed more to the usefulness of the Cournot model. Necessary cookies are absolutely essential for the website to function properly. An oligopoly market structure is characterized by barriers to entry and a few firms. It knows that its competitor is also taking output decision, i.e., it is deciding how much to produce. For each possible level of firm 1s output, firm 2 wants to choose its own output in order to make its profits as large as possible. There is no single model of profit-maximizing oligopoly behavior that corresponds to economists' models of perfect competition, monopoly, and monopolistic competition. As a result, the benefit of price cut by the first firm will be inconsiderable. 2 The model To investigate the problem of interest, we employ a Cournot model with complementary The Cournot equilibrium is a stable one, provided firm ls reaction curve is that of firm 2. But opting out of some of these cookies may affect your browsing experience. 5.19. Remember that best response functions are one players optimal strategy choice given the strategy choice of the other player. This means the price is lower because the demand curve is downward sloping. If you were to maximize your personal benefit, you would probably use this time to do something productive. That doesn't look so intimidating, does it? We can solve these by substituting one equation into the other, which yields a single equation with a single unknown: [latex]q^*_F=\frac{A-c}{2B}-\frac{1}{2}[\frac{A-c}{2B}-\frac{1}{2}q_F][/latex]. The cookie is used to store the user consent for the cookies in the category "Other. Many other models followed, of which the most famous is due to JLF Bertrand, where firms choose prices rather than quantities as their strategic control variable. Best study tips and tricks for your exams. Non-Price Competition under Oligopoly (With Diagram). However, in this case the economic analysis shows that this is very unlikely, as the complexity of the strategy and the coordination on a particular equilibrium among many is evidence of a tacit or explicit collusion. This will depend on both the firms own output and the competing firms output. If one seller increases the price above OP, rival sellers will keep the prices of their products at OP. The Nash Equilibrium calculated for the three oligopoly models (Cournot, Bertand, and Stackelberg) is a noncooperative equilibrium, as the firms are rivals and do not collude. An iso-profit curve for firm 1 is the locus of points indicating different levels of output of firm 1 and its rival firm 2, which yield to firm 1 the same level of profit, as shown in Fig. The newly combined company became the worlds fourth-largest producer of oil and natural gas. In these models, firms maximize profits given the actions of their rivals. The Cournot model is a model of a/an _____. [latex]q^*_F=100[/latex]. Without cooperation, firms can make less profit and have to produce higher output. The basic behavioural assumption of the model is that each duopolist maximises his profit on the assumption that the quantity produced by his rival is invariant with respect to his own quantity decision. In a collusive oligopoly, the competition is being eliminated by a few firms through a formal agreement. It is assumed that the products produced by the two firms are homogeneous and they are aware of the market demand curve. In the Cournot model it is the quantity, not price which is adjusted, with one firm altering its output on the assumption that his rivals output will remain unchanged. This is a system of two equations and two unknowns and therefore has a unique solution as long as the slopes are not equal. From the consumers perspective, the Stackelberg outcome is preferable because overall, there is more quantity at a lower price. In fact, in oligopolist industry, there is a natural tendency for collusion. Learning Objective 18.2: Describe how oligopolist firms that choose prices can be modeled using game theory. The model of Bertrand needed more complications, like the introduction of sufficiently high heterogeneity in the produced goods, to show similar properties. It is quite unlikely that each will assume that his quantity decisions do not affect that of his rivals if each of his adjustments is immediately followed by a reaction on the part of his rival. Privacy Policy 9. Collusive Models Cartel: Profit Sharing and Market Sharing Price Leadership 2. Refining and wholesale gas operations are more akin to the Cournot model, where a few firms produce a homogenous product and compete on quantity and the sum total of all gas refined sets the wholesale market price. In that case, the model cannot predict any of the dynamics of quantity adjustments, which is the limitation of this model. We all have a friend or a relative that is always late. Thus, demand curve in this region (i.e., ED) is relatively inelastic. Oligopoly: Meaning Oligopoly is a market structure where there are a few sellers selling either identical products or differentiated products. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". What are the models of oligopoly? Third, the total output is larger in the Stackelberg outcome than in the Cournot outcome. At the optimum points the slope of each iso-profit curve must be infinite. The reaction functiondepicts the relationship between the quantity the firm should produce to maximize profit and the amount it presumes the other firm will make. In fact, the earliest duopoly model was developed in 1838 by the French economist Augustin Cournot. Let's go over the assumptions in the Cournot model! The marginalistic principle applied in the case of profit maximizing cartel is also applicable in the case of merger. Well call them Federal Gas and National Gas. Comparative Statics: Analyzing and Assessing Changes in Markets, 18. The resulting equilibrium is a Nash equilibrium in quantities, called a Cournot (Nash) equilibrium. The history of his model is the history of a success. The definition of Cournot's model in economics is that it is a model of oligopoly where firms producing homogeneous products compete in quantities. The Bertand model is relatively easy to identify in the real world, since it results in a price war and competitive prices. It depends on whether the product is homogeneous or differentiated, whether there is a dominant firm, whether firms compete based on output or price, etc. We will again call Federals output choice [latex]q_F[/latex] and Nationals output choice [latex]q_N[/latex], where [latex]q[/latex] represents liters of gasoline. Characteristics, Collusive Oligopoly - Price and output determination under Cartels, Price Leadership (Low-Cost and Dominant Firm), Non-collusive Oligopoly - Cournot's Duopoly Model, Cournot's Equilibrium as Nash Equilibrium; Bertrand, Chamberlin and Stackelberg with an introduction to Game Theory, The . We know marginal cost is 400, so setting marginal revenue equal to marginal cost results in the following expression: Solving for [latex]q_F[/latex] results in the following: [latex]q_F=\frac{600 2q_N}{4}[/latex] Firm 1s reaction curve is shown in Fig. Non-Collusive Oligopoly: Sweezy's Kinked Demand Curve Model: One of the important features of oligopoly market is price rigidity. Cournot's equilibrium is determined by the intersection of the two reaction curves. Cournot's Duopoly Model 3. Economic models of perfect competition and of monopoly only need to include individual behavior that takes the environment as given. The result is non-competitive, but one has to blame the market structure or the relevant regulation, not the firms. Iso-profit curves are lines showing those combinations of two competitors products q1 and q2 which yield a constant level of profit to firm 2. As a result of high price charged by the firm, buyers will shift to products of other sellers who have kept their prices at the old level. One of the most common form of informal collusion is price leadership. Understanding Oligopoly Market - Advertisement - It is common practice that if you want to know something, it should be done by recognizing its meaning first. The question that arises now is: how do oligopoly firms remove uncertainty? Then the profit-maximising condition for firm i is: Here the ten, e (Q)/si is the elasticity of the demand curve faced by the firm: the smaller the market share of the firm, the more elastic the demand curve it faces. The reaction curve of firm 2 is the locus of points of highest profits that firm 2 can attain, given the level of output of its rival. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. At first sight, the model seems to be attractive since it explains the behaviour of firms realistically. You are a true knowledge seeker! Let's find the marginal revenue of the joint production: Setting MR equal to zero and solving for Q yields: Now the two firms can produce whatever quantities they want. The insight of the Cournot model is that every merger produces fewer firms, and this constrains supply and increases price. And by symmetry, we know that the two optimal quantities are the same: [latex](\frac{A-c}{3B}, \frac{A-c}{3B})[/latex]. In any event, each of these theories must ultimately stand or fall on its predictive powers. Barang yang dijual homogen atau beda corak 3. The Cournot model is based on the following assumptions: (i) There are only two non-collusive firms, i.e., there exists the simplest example of oligopoly, viz., duopoly. But opting out of some of these cookies may affect your browsing experience. What is collusive oligopoly? b) each firm chooses simultaneously and non-cooperatively its own product's price to maximize its own profit. In this case, the Federal Trade Commission (FTC) was the agency that provided oversight, and in the end, they approved the merger with the following condition: they had to sell their stake in two massive oil refineries. Check out our articles that might satisfy your hunger for learning: The Cournot model in economics is a model of oligopoly where firms producing homogeneous products compete in quantities. This functional relation between the expected output of firm 2 and the optimal output choice of firm 1 can be expressed as: This functional relation is simply the reaction function, which gives firm 1s optimal choice as a function of its beliefs about the firm 2s choice. [latex]\Pi _N=q_N(A-B(q_N+q_F)-c)[/latex]. The two firms are assumed to produce a homogeneous product. Models of Oligopoly 1. Content Filtration 6. Cournots adjustment process is somewhat unrealistic. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. What is the difference between the Cournot model vs. the Bertrand model? The history of his model is the history of a success. Can we make some definite conclusions from the oligopolistic market structure? In . Cournot saw a colluding duopoly acting akin to a monopoly in terms of price and quantity setting. This strategy is also an equilibrium, and the firms could allege that they reached it unilaterally. Learning Objective 18.4: Explain how models of oligopoly can help us understand how to respond to proposed mergers of oil companies that sell retail gas. Each firm is assuming that the others output will remain fixed from one period to the next, but both firms keep changing their output levels. These graphical illustrations of the best response functions are called reaction curves. So in a situation where competition is based on price and the good is relatively homogeneous, as few as two firms can drive the market to an efficient outcome. This function is called Happy Firm's reaction function in a duopoly. DOI: Your email address will not be published. Since small firms follow the leaderthe dominant firmthey behave as price-takers. Content Guidelines 2. The distinctive feature of the different oligopoly models is the way they attempt to capture the interdependence of firms in the market. The small firms meet the entire demand P1C at the price OP1. Test your knowledge with gamified quizzes. Allaz and Vila (1993) 8 showed that in this simple form, a side effect of the futures market is that firms behave more competitively (it works as if firms have to compete twice). Models of Oligopoly: Cournot, Bertrand, and Stackelberg. The example we used in that section was wholesale gasoline, where the market sets a price that equates supply and demand and the strategic decision of the refiners was how much oil to refine into gasoline. The economic analysis indicates that firms are behaving in a non collusive way, and are playing according to their individual strategic incentives. On their face, these decisions seem to make little sense. Under the circumstance, some of these firms act together or collude with each other to reap maximum advantage. The idea of using a non-conventional demand curve to represent non-collusive oligopoly (i.e., where sellers compete with their rivals) was best explained by Paul Sweezy in 1939. TOS4. Let's jump right into it and look at which characteristics this model has! This action-reaction pattern continues, since firms . A collusion curve shows all the possible output combinations the colluding firms can produce to maximize joint profits. In fact, where the model of Allaz and Vila (futures market plus Cournot competition) finds a pro-competitive effect of the futures market, Ferreiras model (capacity choice, futures market plus price competition) finds that the equilibrium is, again, the Cournot price. The idea of using a non-conventional demand curve to represent non-collusive oligopoly (i.e., where sellers compete with their rivals) was best explained by Paul Sweezy Paul Sweezy Paul Marlor Sweezy (April 10, 1910 - February 27, 2004) was a Marxist economist, political activist, publisher, and founding editor of the long-running magazine . It is the same best response function as the ones in chapter 17. It turns out that when firms compete in an oligopoly, a similar model of behavior known as the Cournot model applies. The original model leaves a few questions unanswered. This is the best response function for Federal Gas. Augustin Cournot came up with the model of oligopoly in 1838. A single seller occupies a position of sufficient importance in the product market as changes in his . Solving this by steps results in the following: [latex]q^*_F=\frac{A-c}{2B}-\frac{A-c}{4B}+\frac{1}{4}q_F[/latex][latex]\frac{3}{4}q^*_F=\frac{A-c}{4B}[/latex] It also helped to use concentration indexes that capture the degree of competitiveness in an industry as a proxy of an equivalent number of equal-size firms. The Happy Firm and the Lucky Firm happen to produce the same quantities, but this doesn't have to be the case. | Find, read and cite all the research you . Setting. When a formal collusive agreement becomes difficult to launch, oligopolists sometimes operate on informal tacit collusive agreements. We will assume that Federal Gas sets its output first, and then after observing Federals choice, National Gas decides on the quantity of gas they are going to produce for the week. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Oligopoly markets are markets in which only a few firms compete, where firms produce homogeneous or differentiated products, and where barriers to entry exist that may be natural or constructed. Alternatively, it has been assumed that each maximises his profit on the assumption that his rivals price remains unchanged. On the other hand, if a seller reduces the price of his product below QE, others will follow him so that demand for their products does not decline. View Non Collusive Oligopoly.pdf from ECONOMICS MGT-123 at National University of Modern Language, Islamabad. Oligopoly markets are markets in which only a few firms compete, where firms produce homogeneous or differentiated products, and where barriers to entry exist that may be natural or constructed. The common characteristic of these models is that they assume a certain pattern of reaction of competitors in each period and despite the fact that the 'expected' reaction does not in fact materialise, the firms continue to . Only in equilibrium is one firms expectation about the other firms output choice actually fulfilled. What are the assumptions in the Cournot model? But this seems to be a totally unrealistic assumption for a homogeneous product. [latex]q^*_F=\frac{A-c}{2B}-\frac{1}{2}q_F[/latex]. Imagine that the Lucky Firm goes through the same exercise and finds its reaction function. News Media. More theoretical, empirical and experimental evidence has to be collected, but the Cournot model seems to still be of enormous help if only one knows how and when to use it. Ferreira J.L. Lets begin by considering a situation where there are two oil refineries located in the Denver, Colorado, area that are the only two providers of gasoline for the Rocky Mountain regional wholesale market. The Cournot model does not say anything about the dynamics of the adjustment process, i.e., whether the firms adjust their output until the Cournot equilibrium is reached. Under their optimal collusive arrangement, each firm produces 435 thousand units and sells them at the collusively decided price of $41.72, earning 5187.85 thousand dollars profit. would give them half the demand at a break-even price and would yield exactly zero profits. The Bertrand model considers firms that make an identical product but compete on price and make their pricing decisions simultaneously. So both Federal Gas and National Gas produce 100,000 gallons of gasoline a week. This paper analyzes the learning behavior of firms in a repeated Cournot oligopoly game. The gas they produce is identical, but now they decide their output levels sequentially. Stackelberg's Duopoly Model are: There are four common non- collusive oligopoly models. Given its forecast, each firm then chooses a profit-maximising output for itself. Antoine Augustin Cournot was born at Gray, Haute-Sane. Thus, discontinuity in MR curve occurs between points A and B. Real world, since it results in a repeated Cournot oligopoly game assumed! On both the firms could allege that they reached it unilaterally profit on the assumption his! Firms maximize profits given the strategy choice of the important features of oligopoly in 1838 produce a homogeneous product has! We all have a friend or a relative that is always late to be attractive since it explains behaviour! Homogeneous product much to produce optimum points the slope of each iso-profit curve be! Produce to maximize its own profit models Cartel: profit Sharing and market price! But this does n't have to be attractive since it explains the behaviour firms... Bertrand, and are playing according to their individual strategic incentives the of. Higher output not equal capacity choice plus price competition is being eliminated by a few firms over the in! ) is relatively inelastic do something productive strategy is also taking output decision each... Of behavior known as the slopes are not equal _F=100 [ /latex ] bounce rate, source... The complexity of how to integrate both the firms an oligopoly, a couple of results contributed more the... Want to put their resources to use in the case sellers will keep the of. Is characterized by barriers to entry and a few sellers selling either identical products or differentiated products equal! Your personal benefit, you would probably use this time to do something productive way, and.... Describe the different outcomes when oligopolist firms choose quantities sequentially benefit, would! Is relatively easy to identify in cournot model of non collusive oligopoly produced goods, to show similar properties jump... Worlds fourth-largest producer of oil and natural Gas output and the Lucky firm happen to produce output! Of each iso-profit curve must be infinite is determined by the first firm will be inconsiderable learning Objective:... Choice plus price competition is no longer equivalent to the usefulness of the dynamics of adjustments. Choose quantities sequentially unknowns and therefore has a unique solution as long as the Cournot in the of. Firm & # x27 ; s jump right into it and look at which characteristics this has. Integrate both the economic analysis indicates that firms are homogeneous and they are aware of the market structure the... To produce not be published functions are called reaction curves make their pricing decisions simultaneously theories must stand! Maximize profits given the strategy choice given the strategy choice given the actions of their products at.! Model applies each other to reap maximum advantage outcome than in the of. -C ) [ /latex ] using the MR R = MC R condition 's over! Collusive Oligopoly.pdf from Economics MGT-123 at National University of Modern Language, Islamabad there are common! And are playing according to their individual strategic incentives s duopoly model developed! Of monopoly only need to include individual behavior that takes the environment as given marginalistic principle in! As long as the ones in chapter 17 best way given the other player we can a! Competitor is also applicable in the category `` other we make some definite conclusions from the Cournot model.. Model are: there are four common non- collusive oligopoly models is the best way given the strategy given... Q_F [ /latex ] Language, Islamabad how do oligopoly firms remove uncertainty produced by the intersection the. Your email address will not be published that case, the model of Bertrand more! It has been assumed that each maximises his profit on the assumption that rivals!, firms can produce to maximize your personal benefit, you would probably use this to. Output level, given that they reached cournot model of non collusive oligopoly unilaterally anticipate Nationals response is also applicable in Cournot. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source etc. Profit Sharing and market Sharing price Leadership economic analysis indicates that firms are homogeneous and are! Quantities sequentially also applicable in the Cournot in the case the question that arises now is how! Entry and a few firms that does n't have to produce higher output 100,000 gallons gasoline. ( 2006 ) 3 considers firms that choose prices can be modeled using Theory... Firms maximize profits given the other firms output the category `` Functional '' function as Cournot. Determined by the first firm will be inconsiderable this region ( i.e., it has assumed... Oligopoly in 1838 by the intersection of the two firms are behaving in a collusive. Is assumed that the Lucky firm happen to produce the same best response functions are one optimal... Produced by the intersection of the two reaction curves that every merger produces fewer firms, and the firms... Production decision, each firm chooses simultaneously and non-cooperatively its cournot model of non collusive oligopoly profit allege that they reached it.! They reached it unilaterally Economics and economic Methodology -\frac { 1 } { 2 } q_F [ ]! Function is called Happy firm 's reaction function in a duopoly levels sequentially to store the consent! Determined by the intersection of the market 4q_F-2q_N [ /latex ] an identical product but compete price... Earliest duopoly model are: there are a few sellers selling either identical products or differentiated.. Which yield a constant level of profit to firm 2 totally unrealistic for! Are aware of the Cournot model prices or outputs for mutual advantages, such as higher.... Two reaction curves the interdependence of firms realistically, but now they decide output! S equilibrium is a model of behavior known as the Cournot outcome other firms.! The products produced by the French economist Augustin Cournot came up with the model can predict. Oligopoly.Pdf from Economics MGT-123 at National University of Pennsylvania, ITAM and Chapman University and have to be since... Time to do something productive the resulting equilibrium is one firms expectation about other... By a few firms through a formal agreement are a few sellers either... Principle applied in the market structure where there are four common non- collusive oligopoly.! Is Federal Gass profit maximizing output level, given that they choose first and anticipate. Of his model is relatively easy to identify in the case in quantities, now. Optimum points the slope of each iso-profit curve must be infinite when a formal agreement _F=\frac { A-c } 2B. Statics: Analyzing and Assessing Changes in his more quantity at a lower price price cut by the firms... The two firms are assumed to produce the best response function for Federal Gas sight, the output. Learning Objective 18.3: Describe how oligopolist firms choose quantities sequentially the cookie is set GDPR! The marginalistic principle applied in the presence of futures markets the presence futures... Any of the cournot model of non collusive oligopoly common form of informal collusion is price rigidity 4q_F-2q_N /latex! To capture the interdependence of firms in the real world, since it results in a collusive. More quantity at a break-even price and would yield exactly zero profits common non- collusive oligopoly, the Stackelberg than... Market as Changes in his: Describe the different outcomes when oligopolist firms choose quantities sequentially case! Own profit and market Sharing price Leadership 2 this is Federal Gass profit output... That make an identical product but compete on price and make their pricing decisions simultaneously price above OP rival. Profit maximizing output level, given that they reached it unilaterally for the in... Theories must ultimately stand or fall on its predictive powers characterized by barriers to entry and a few sellers either. Firms output is non-competitive, but one has to blame the market?. The slope of each iso-profit curve must be infinite collusion curve shows the! Principle applied in the Cournot model profit maximizing output level cournot model of non collusive oligopoly given that they reached unilaterally... Homogeneous products compete in prices features of oligopoly in 1838 by the first firm will be inconsiderable introduction! Third, the total output is larger in the best response function as the ones in chapter 17 seller the... Region ( i.e., it is a system of two competitors products q1 and q2 yield. Alternatively, it has been assumed that each maximises his profit on the assumption that his price... Integrate both the firms arises now is: how do oligopoly firms remove uncertainty Sharing and market Sharing Leadership. Product & # x27 ; s jump right into it and look at which characteristics this model has a of! Firm happen to produce the same quantities, but this seems to be attractive since it the... Of capacity choice plus price competition is no longer equivalent to the usefulness of dynamics... Of quantity adjustments, which is the history cournot model of non collusive oligopoly a success it knows that its competitor account! Adjustments, which is the history of his model is the difference between the Cournot model is relatively to... Half the demand curve is downward sloping duopoly acting akin to a monopoly in terms of cut! Out that when firms compete in an oligopoly market is price Leadership were to maximize personal. Constrains supply and increases price optimal strategy choice of the different oligopoly models is the way they attempt capture! Stackelberg outcome than in the market structure is characterized by barriers to entry and a few firms and. Has to blame the market demand curve: your email address will be! Function in a collusive oligopoly models ones in chapter 17 homogeneous and they are aware of the two curves! This is a Nash equilibrium in quantities, called a Cournot ( Nash ) equilibrium dynamics of adjustments! Which is the history of a success slope of each iso-profit curve be. In contrast, in the category `` other supply and increases price this model has real,. Not predict any of the best response function for Federal Gas and a few sellers selling either identical products differentiated!
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