Which of the following statements describes the Cournot's model of oligopoly behavior?
A) get together to make joint price and output decisions to maximize profit.
B) make explicit agreements to fix price and quantity.
C) make implicit agreements to fix price and quantity.
D) follow the price cuts of a single firm but not its price hikes.
E) take the output of the other as given, and adjust output until the market finally produces an output level somewhere between competition and monopoly.
