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#12 Which of the following statements are true? Statement 1: The output level in an oligopoly is determined at the point., where MR = MC.

#12

Which of the following statements are true?

Statement 1: The output level in an oligopoly is determined at the point., where MR = MC.

Statement 2: Nash equilibrium occurs in a nongame situation when a participant is unwilling to deviate from its strategy after considering the strategies of its opponents.

a. Statement 1 only

b. Statement 2 only

c. Both statements are true.

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