1. Select all of the following characteristics of oligopoly markets.

Many sellers.

Few Sellers.

Firms' decisions affect each other.

Firms operate independently of one another.

2. In a cournot model, firm 1 takes firm 2's output as given.

True

False

3.In the Cournot Model, total Q is composed of (select all that apply):

Q from firm 1

Q from firm 2

Q from the inputs