Problem
1. Name some different forms of imperfect competition.
2. Define Nash equilibrium. Why do firms in oligopoly situations reach Nash equilibria?
3. Why are collusions and cartels often unstable?
4. What is the market equilibrium in Bertrand competition with identical goods?
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.