The Cournot model specifies how two firms in an oligopoly compete in terms of quantity.Briefly describe how the outcome of Cournot oligopoly competition relates to the outcomes of perfect competition and monopoly in terms of output and market efficiency/inefficiency.Can you be more precise about the relation between Cournot,monopoly,and perfectly competitive outputs if you know that demand is linear and marginal costs are constant? Explain.

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The Answer of The Cournot model specifies how two firms in an oligopoly compete in terms of quantity.Briefly describe how the outcome of Cournot oligopoly competition relates to the outcomes of perfect competition and monopoly in terms of output and market efficiency/inefficiency.Can you be more precise about the relation between Cournot,monopoly,and perfectly competitive outputs if you know that demand is linear and marginal costs are constant? Explain.

The Cournot Model Specifies How Two Firms in an Oligopoly