Describe what a strategy of firm 2 must specify

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Consider a variation of the Cournot duopoly game in which the firms move sequentially rather than simultaneously. Suppose that firm 1 selects its quantity first. After observing firm l's selection, firm 2 chooses its quantity. This is called the von Stackelberg duopoly model. For this game, describe what a strategy of firm 2 must specify.

Reference no: EM131246479

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