As the Number of Firms in a Cournot Oligopoly Increases

question 108

True/False

As the number of firms in a Cournot oligopoly increases, the equilibrium quantity gets closer and closer to the monopoly quantity.

Appreciate the principles underlying the formation of contracts including offer, acceptance, and consideration.

Describe the various elements involved in establishing a contract's legality, capacity, and obligation.

Understand the remedies available for breach of contract and contract disputes.

Differentiate between void, voidable, and executory contracts.

---

Definitions:

Monopoly Power

The ability of a single seller or firm to control the market price and output of a good or service, due to lack of competition.

United States

A country located in North America, consisting of 50 states and known for its significant influence on global culture, economy, and politics.

Antitrust Policy

Legislative and regulatory efforts undertaken by the government to prevent oligopolistic industries from becoming or behaving like monopolies.

Monopoly Power

The ability of a business to control market prices and total market output due to the lack of competition.