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In the Cournot model of duopoly, explain whether the quantities chosen by the firms are strategic complements or strategic substitutes.
Marginal Revenue
The additional revenue that is generated by selling one more unit of a product or service.
Average Total Cost
The total cost of production (fixed plus variable costs) divided by the total quantity of output produced.
Marginal Cost
Marginal cost is the additional cost incurred in the production of one more unit of a good or service.
General Motors
An American multinational corporation that designs, manufactures, markets, and distributes vehicles and vehicle parts.
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