Define the concepts of strategic complements

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1. Using a unified model of horizontal product differentiation, one comes to the conclusion that price competition is fiercer than quantity competition. Explain the intuition behind this result.

2. Define the concepts of strategic complements and strategic substitutes. Illustrate with examples.

3. What characteristics of a specific industry will you look for to determine whether this industry is better represented by price competition or by quantity competition? Discuss.

Reference no: EM131282257

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