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In a Cournot model of an oligopoly, firms treat the prices of rival firms as given.
Nonlabor Income
Earnings derived from sources other than employment, such as investments, pensions, or inheritance.
Leisure
The time individuals spend away from work or essential activities, dedicated to relaxation, recreation, or hobbies.
Wage Rate
The amount of money paid to a worker per unit of time (hour, day, etc.), which can vary based on skill, occupation, and market conditions.
Lump Sum Payment
A single payment made at a particular time, as opposed to multiple payments made over time.
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