A Significant Criticism of the Cournot Model Is That

Multiple Choice

A significant criticism of the Cournot model is that:

A) markets do not operate according to the Cournot model in the real world.
B) its key assumption does not hold if the market is still adjusting toward equilibrium.
C) firms cannot estimate reaction curves of other firms.
D) the Cournot model cannot be applied to industries with more than two firms.