1) Consider a market consisting of two firms where the inverse demand curve is given by P=500-2Q1-2Q2

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1) Consider a market consisting of two firms where the inverse demand curve is given by P=500-2Q1-2Q2. Each firm has a marginal cost of $100. Based on this information we can conduct that the equilibrium oligopoly output under Cournot competition and Stackelberg competition would be A) Cournot output is greater than Stackelberg leader's output. B) Cournot ouput is less than Stackelberg follower's output. C) Cournot output is less than Stackelberg leader's output. D) Cournot output is equal to Stackelberg follwer's output.