Antoine Augustin Cournot - 2024 Penn Bowl

Question

This economist developed his namesake type of competition, where the market price is determined by total quantity supplied, based on firms producing spring water at zero cost. For 10 points each:

[10h] Name this economist whose model of one market type contrasts with that of Bertrand.

ANSWER: Antoine Augustin Cournot

[10m] Cournot (“COR-noh”) argued that the firms in his namesake duopoly would likely form this type of structure. These structures are unstable, as members can cheat by selling at a cheaper price.

ANSWER: price cartel

[10e] If firms in a Cournot duopoly formed certain kinds of cartels or merged, that would result in this kind of market structure characterized by only one producer.

ANSWER: monopoly [do not accept or prompt on “monopolistic competition”]

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Summary


2024 Penn Bowl Berkeley	11/02/2024	Y	2	20.00	100%	50%	50%
2024 Penn Bowl CWRU	11/02/2024	Y	4	22.50	100%	100%	25%
2024 Penn Bowl Chicago	11/02/2024	Y	8	20.00	100%	63%	38%
2024 Penn Bowl Florida	10/26/2024	Y	2	10.00	100%	0%	0%
2024 Penn Bowl Harvard	10/26/2024	Y	4	15.00	100%	25%	25%
2024 Penn Bowl Mainsite	11/02/2024	Y	3	13.33	100%	33%	0%
2024 Penn Bowl Playtest	10/12/2024	Y	4	25.00	100%	75%	75%
2024 Penn Bowl Texas	11/02/2024	Y	2	25.00	100%	100%	50%
2024 Penn Bowl UK	10/26/2024	Y	5	18.00	80%	60%	40%
2024 Penn Bowl UNC	10/26/2024	Y	3	16.67	100%	67%	0%

Data


Berkeley B	Berkeley A	0	10	10	20
Berkeley C	Stanford	10	0	10	20
Columbia	JHU A	0	10	10	20
JHU B	Maryland	0	0	10	10
Princeton	NYU A	0	0	10	10
Carnegie Mellon	Michigan A	10	10	10	30
Pittsburgh	Michigan B	0	10	10	20
Ohio State A	Ohio State B	0	10	10	20
Ohio State C	Michigan State	0	10	10	20
We jopping	Oh you like geography? Name every Forrest.	10	10	10	30
Statler and Waldorfesque Former Penn Bowl Editors	Khalil v Carbolic Shisha Ball Co	10	0	10	20
TOAD	Why the Kremlin Hates Bananas	10	10	10	30
bruh	Ill-Advised Buzz	0	10	10	20
TAMU	Houston	10	10	10	30
Texas A	Texas B	0	10	10	20
Four Times I Have Despised My Soul	3HK1MM	0	0	10	10
LSE	Limp Chriskit	10	10	0	20
Oxford School for Quizness	Sorted	10	10	10	30
Say it	The Crying of Team 49	0	0	10	10
See it	Gressenheller A	0	10	10	20
UNC C	RIT A	0	0	10	10
UNC B	UNC A	0	10	10	20
Duke A	Virginia Tech A	0	10	10	20
WUSTL	Illinois B	0	10	10	20
Notre Dame A	Indiana B	0	0	10	10
Illinois A	Minnesota	10	10	10	30
Northwestern A	Indiana A	10	10	10	30
Notre Dame B	Chicago A	0	10	10	20
Notre Dame C	Chicago B	0	10	10	20
Purdue	Northwestern B	10	0	10	20
Illinois C	SIUE	0	0	10	10
UF C	UF A	0	0	10	10
UF B	UCF	0	0	10	10
Yale A	Harvard B	0	10	10	20
MIT	Harvard A	0	0	10	10
Tufts	Brandeis	0	0	10	10
BU	Yale B	10	0	10	20