| 单词 | Bertrand competition |
| 释义 | Bertrand competition competition between two or more firms in an industry where each assumes that the others will maintain their prices unchanged. This encourages the use of price-cutting as a form of competition, particularly if the products are good substitute. As price gets driven down towards marginal cost, as should occur if the products are perfect substitutes, it is hard to see how firms under Bertrand competition could cover their fixed cost. |
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