Author Question: Augustin Cournot showed (in 1838) that each of a small number of quantity-setting firms in a ... (Read 41 times)

ericka1 · **on:** Jul 1, 2018

Augustin Cournot showed (in 1838) that each of a small number of quantity-setting firms in a homogeneous-product market will sense the influence of the individual firm's own output on market price, and will offer less than the competitive quantity

as a result. Indicate whether the statement is true or false

Question 2

A basic principle in management is that where there is risk, there is ________.

a. Opportunity
b. Reliability
c. Decision making
d. Extenuating circumstances

chem1s3 · **Reply #1 on:** Jul 1, 2018

Answer to Question 1

T When there are only a few firms, each firm will supply a small enough quantity to the market that it will be able to see how its own quantity will affect market price.

Answer to Question 2

A