| 单词 | conjectural variation |
| 释义 | conjectural variation A proposed approach to the problem of how equilibrium is reached under oligopoly. Instead of Cournot competition, where each firm takes the others' outputs as given, or Bertrand competition, where each firm takes the others' prices as given, under conjectural variation each competitor assumes that others will follow any change in their price or output to the extent of some proportion λ, which need not equal either 0 or 1. |
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