Question
Independent, simultaneous decisions about amount of output, which is the main point of competition, characterize a model named for this man. For 10 points each:
[10m] Identify this French economist who names a duopoly model that contrasts with the price-based Bertrand model.
ANSWER: Antoine Augustin Cournot
[10e] Both the Cournot and Bertrand models demonstrate this game theory condition, in which all participants' strategies are known to each other and no participant can choose a better strategy as a result.
ANSWER: Nash equilibrium
[10h] The equilibrium point in a duopoly is found at the intersection of two curves representing this function for each firm, often denoted q1 and q2.
ANSWER: best response function [or reaction function]
<Matt Weiner , Social Science - Economics>
Summary
| 2023 NASAT | 06/17/2023 | Y | 8 | 8.75 | 88% | 0% | 0% |
Data
| Asia A | New Jersey B | 0 | 10 | 0 | 10 |
| Asia B | California | 0 | 10 | 0 | 10 |
| Illinois Blue | Illinois Orange | 0 | 10 | 0 | 10 |
| Kentucky A | Maryland Red | 0 | 10 | 0 | 10 |
| New Jersey A | Kentucky B | 0 | 10 | 0 | 10 |
| Ohio | Illinois White | 0 | 0 | 0 | 0 |
| Pennsylvania | Arkansas | 0 | 10 | 0 | 10 |
| Maryland Gold | Virginia | 0 | 10 | 0 | 10 |