Multiple Choice
Which of the following assumptions were made by the Cournot model of oligopoly?
A) Each seller psychoanalyzes the competition and decides how to react in all possible situations.
B) Each seller psychoanalyzes the competition and exactly predicts the output decisions of the competitors.
C) Each seller chooses its own output and believes the others in the market will respond to its choices.
D) Each seller chooses its own output and believes the others in the market will not respond to its choices.
Correct Answer:
Verified
Correct Answer:
Verified
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