Cournot competition is an economic model used to describe industry structure. It so called after Antoine Augustin Cournot (1801-1877) after he observed competition in a spring water duopoly. It has the following features:There is more than one firm and all firms produce a product;Firms do not cooperate;Firms have market power;The number of firms is fixed;Firms compete in quantities, and choose quantities simultaneously;There is strategic behaviour by the firms.
See more at Wikipedia.org...
Free Download Now!
