2011 (English)In: Oligopoly: Old Ends - New Means / [ed] Tönu Puu, Berlin: Springer Berlin/Heidelberg, 2011, 17-41 p.Chapter in book (Other academic)
As mentioned in Chap. 1, Cournot’s oligopoly model was one of the first mathematical models proposed in the field of economics. It addresses the functioning of a market with numerous atomistic demanders versus few relatively large suppliers. This implies that all the suppliers influence market price appreciably, and hence, like monopolists, take account of the demand function of the consumers on the market in order to calculate their best moves. As a rule, demand is a decreasing function of price. In equilibrium demand equals supply, and one can also speak of the inverse demand function which states how market price depends on supply.
Place, publisher, year, edition, pages
Berlin: Springer Berlin/Heidelberg, 2011. 17-41 p.
Social Sciences Interdisciplinary
IdentifiersURN: urn:nbn:se:umu:diva-74547DOI: 10.1007/978-3-642-15964-0_2ISI: 000285558400002ISBN: 978-3-642-15963-3ISBN: 978-3-642-15964-0OAI: oai:DiVA.org:umu-74547DiVA: diva2:635072