Problem
1. Contrast Bertrand and Cournot competition. Why do they reach different market equilibria?
2. What does the residual demand curve tell us about a firm's output in Cournot competition?
3. How can reaction curves be used to find a firm's equilibrium in Cournot competition?
4. What causes the first-mover advantage in Stackelberg competition?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.