Differentiate between the assumptions of a Cournot’s model and the Stackelberg model.

The Cournot and Stackelberg models both deal with oligopoly market structures, where firms compete by choosing quantities. However, they differ in the assumptions regarding the decision-making process and timing of competition.

In Cournot’s model, the key assumption is that firms make their output decisions simultaneously. Each firm assumes that the other firms’ output will remain fixed, and they decide their ______ ______ _____ __________ ________ __________.
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