In the Cournot Model

question 73

Multiple Choice

In the Cournot model:

• A)firms choose quantities.
• B)firms minimize costs.
• C)firms produce what the government tells them to.
• D)firms choose prices.

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Definitions:

Donee Beneficiary

A third party who benefits from a contract in which a promisor agrees to give a gift to the third party.

Incidental Beneficiary

A person who indirectly benefits from the fulfillment of a contract or agreement but has no legal right to enforce the agreement.

Statute of Frauds

A rule of law mandating specific agreements must be documented with the signatures of those participating to be valid and binding.

Oral Evidence

Testimony given by a witness or party during a trial based on what the witness has heard or personally experienced.