Which of the Following Is NOT an Assumption of the Initial

question 70

Multiple Choice

Which of the following is NOT an assumption of the initial Cournot Oligopoly Model?

• A)Market lasts for only one period.
• B)Firms act simultaneously.
• C)Firms have same cost functions.
• D)Firms produce differentiated products.

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Definitions:

P(A|B)

The probability of event A occurring, given that event B has already occurred.

P(B|A)P(A)

Represents the probability of event B given event A has occurred, multiplied by the probability of event A; used in the calculation of joint probabilities.

Bayes' Law

A theorem that describes the probability of an event, based on prior knowledge of conditions that might be related to the event.

Conditional Probabilities

Probabilities of events given the occurrence of some other event.