Bertrand competition



Market situation in which each firm and its competitors make their output and pricing decision on the assumption that their competitors will not change their prices from the current level. Named after the French mathematician Joseph Bertrand (1822-1900) who researched its mathematical basis. See also Cournot competition.

Use this term in a sentence

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z