The following article will guide you about how to determine price and output under oligopoly. Generally, a firm will be in equilibrium where its marginal cost curve cuts its marginal revenue curve from its below (MC=MR) and price will be depicted by the average revenue curve or demand curve of the firm. Price and output […]
How to Determine Price and Output under Oligopoly? | Microeconomics
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Oligopoly: List of Oligopoly Models | Markets | Microeconomics
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List of oligopoly models: 1. Cournot’s Duopoly Model 2. Bertrand’s Duopoly Model 3. Chamberlin’s Small Group Model 4. Stackelberg’s Duopoly 5. Sweezy’s Kinked Demand Model. 1. Cournot’s Duopoly Model: Cournot founded the theory of duopoly. His duopoly model consists of two firms marketing a homogenous good. Cournot uses the example of mineral spring water, whose […]