QUESTION 8 In the Cournot model, the curve that traces out the relationship between the market price and a firm's quantity when rival firms hold their outputs fixed is called a. Reaction function O b. Best response O c. Residual demand curve O d. Cournot equilibrium QUESTION 9 The structure of a market refers to: O a. All of these. O b. The number of firms that compete with each other. O c. The ease with which firms enter or leave the market. O d. The extent to which firms' products are differentiated from competitors' products. QUESTION 10 In a Bertrand oligopoly, O a. each firm chooses simultaneously and non-cooperatively its own product's price to maximize its own profit. O b. one firm acts as a quantity leader, choosing its quantity first, while all other firms act as followers, choosing their quantities second and in reaction to the leader. O c. each firm makes its profit-maximizing decision while considering the entire market demand, the same as a monopolist. O d. each firm chooses simultaneously and non-cooperatively how much to produce to maximize its own profit