Answer:
b. price is lower than the monopoly price, but higher than the perfectly competitive price
Explanation:
In the Cournot Model of Oligopoly, price is lower than the monopoly price, but higher than the perfectly competitive price.
Oligopoly is a market situation in which there are a small number of sellers which are selling homogeneous or differentiated products. Example are Market of automobiles and steel. Cournot Model of Monopoly assumes that the rival firms produce a homogeneous product and each firm are after maximization of profits through deciding on how much to produce
