Multiple Choice
In a Cournot-Nash equilibrium:
A) Firms firm select their output levels to maximize joint profits.
B) Firms select an output level that maximizes product prices.
C) A firm selects its output level to maximize total revenues given the output level of its rivals.
D) A firm selects its output level that maximizes its own profit given the output level of its rivals.
E) None of the above are correct.
Correct Answer:
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