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”]
<Benjamin McAvoy-Bickford, Social Science>
Summary
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