Cournot competition
Definition
Market situation in which each firm and its competitors make their output and pricing decision on the assumption that their competitors are committed to a certain level of production and will readily reduce their prices to achieve that level of sales. Named after the French mathematician and economist Antoine Augustin Cournot (1801-77) who researched its mathematical basis. See also Bertrand competition.
Cournot competition is in the Economics, Politics, & Society subject.
Cournot competition appears in the definition of the following term: Bertrand competition
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