6. A typical Cournot solution is defined as one in which (A) the solution is identical to the purely competitive market. (B) the solution is identical to the monopoly solution. (C) the output is above the monopoly and below the purely competitive result. (D) none of the above.

5. A Nash equilibrium is one in which (A) each player selects the maximum strategy independently of the anticipated actions of the other. (B) each player’s decision is optimal given the decision of the other firm. (C) the number of Nashes sold equals the number supplied. (D) the profits of both firms equal the profits that would result in a monopoly. (E)none of the above are true.

6. A typical Cournot solution is defined as one in which
(A) the solution is identical to the purely competitive market.
(B) the solution is identical to the monopoly solution.
(C) the output is above the monopoly and below the purely competitive result.
(D) none of the above.

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