Indicate whether the statement is true or false and explain why:

Firms competing in Bertrand duopoly (price competition) always make zero economic profits in equilibrium.

Any firm that successfully makes a strategic commitment (either soft or tough) with a strategic substitutes variable (e.g. quantity) will increase its profits by doing so.

In the Reputation- based Ideas Trading commercialization environment, we would expect to see significant entrepreneurial activity, as expropriation of entrepreneurs' innovations by large firms is unlikely.