If firms compete in a Cournot fashion, then each firm views the 1. output of rivals as given. 2. prices of rivals as given. 3. profits of rivals as given. 4. output, prices, and profits of rivals as given.
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The Cournot competition is a model used in economics to describe an industry structure where companies compete on the amount of output they will produce, which they decide on independently at the same time. It's important to note that in this model, firms make Show more…
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