Multiple Choice
Which of the following is a key element of the Cournot model?
A) The price in an oligopoly market increases proportionally for both firms.
B) The output of one firm is determined keeping the output of other firms fixed.
C) The output of both firms in an oligopoly market is kept fixed.
D) The price in an oligopoly market will not increase above a certain level.
Correct Answer:
Verified
Correct Answer:
Verified
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