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QUESTION
Which of the following statements is NOT correct about the Cournot model?
Which of the following statements is NOT correct about the Cournot model?
Select one:
a. Firms face the trade-off between higher output and lower price.
b. The rival's output has no effect on the price a firm receives.
c. Firms set output simultaneously.
d. Each firm's output is smaller than its monopoly output in equilibrium.
