Two firms 1 and 2 simultaneously pick prices p1 and p2 respectively where p1p2 =0. Both firms

Two firms, 1 and 2, simultaneously pick prices, p1 and p2, respectively, where p1,p2 ≥0. Both firms have constant (and identical) marginal costs, denoted c>0. Demand is given by D(p), where p is the lowest price, p = min {p1,p2}, If the two firms charge the same price, then each gets half of the demand. Firms have to supply whatever is demanded of them. D(p) is continuous and strictly positive for all p

c>0 is a constant. Monopoly profit is assumed to be single-peaked and maximized at pm, where c <>

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