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Cournot Duopoly
Cournot Duopoly is a market structure where two firms control the market and compete on output levels, assuming the other's output is fixed while deciding their own.
Price
The sum of money needed to buy a product or service.
Long Run
A period in which all factors of production and costs are variable, allowing for all inputs to be adjusted.
Profit Maximizing
The process of identifying the best quantity and price to maximize a firm's profits.
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