In the General Version of the Cournot Model, the Nash

question 22

Multiple Choice

In the general version of the Cournot model, the Nash equilibrium

• A)is Pareto optimal
• B)produces too little output to maximize profits
• C)maximizes the profits of the first mover
• D)fails to maximize joint profits

---

Definitions:

Contract Law

The body of law that governs the making, validity, enforcement, and termination of contracts between parties.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, typically measured by the gross domestic product (GDP).

Financial Security

A condition of having stable income or resources sufficient to meet current and future needs.

UCC

Stands for Uniform Commercial Code, a set of laws that provide legal rules and regulations governing commercial or business dealings and transactions.