What is the Differentiated Bertrand Model?
Photo by Campaign Creators on Unsplash The Differentiated Bertrand Model is a theoretical model used in economics that explores competition and pricing behavior among firms producing, as inferred, differentiated products. The Bertrand model alone, on the other hand, focuses on homogeneous products. In the differentiated Bertrand model, firms compete for imperfect substitutes. So, consumers have preferences […]
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