Question: How can goods be differentiated based on physical location, quality, size, appearance or other characteristics? How can product space accommodate these product characteristics? Does product

How can goods be differentiated based on physical location, quality, size, appearance or other characteristics? How can product space accommodate these product characteristics? Does product differentiation resolve the Bertrand paradox? Wy or wy not?

Describe the conditions under which an incumbent business decides to overinvest in capacity to deter entry. What role do xed costs play in determining the incumbent's optimal investment strategy?

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