oligopoly

; prices often remain stable | Less rigid; prices fluctuate with market conditions | | Advertising & Non-Price Competition | Intense; often used to differentiate products | Key tool for firms to gain market

Cournot, Bertrand, and Stackelberg models help analyze firm behavior, considering quantity or price competition. Duopoly: The Cournot and Stackelberg models are especially relevant, often simplifying analyses due to two players. Real-World Examples and Industry Implications Understanding