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Select the correct statements

Economics

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Select the correct statements. Note: Multiple correct, multiple selections. Topics covered: Stackelberg, Cournot, and Bertrand models. Q A. Stackelberg model is often used to describe industries in which there is a dominant firm or a natural leader and the leader makes a capacity choice. B. In any duopoly market, the equilibrium quantity is less than the competitive equilibrium. C. In the Cournot duopoly model, each firm chooses its price so as to maximize its profits given its beliefs about the other firm's choice. D. Cournot equilibrium can be the same as pure competition E. In the price-leader model, the leader sets its price first, and the followers set their prices afterwards.