Why carrier numbers mattered alongside carrier size

Without treaty limits, was it better in the interwar period to invest in multiple small carriers or one fleet carrier?

Multiple smaller carriers offered more hulls for dispersed commitments, though an ideal program would combine them with a limited number of larger fleet carriers.

The answer favors several smaller carriers when the alternative is a single large hull, especially for navies with worldwide commitments. Its hypothetical treaty structure combines a limited tonnage of 30,000-ton fleet carriers with a separate allowance for 15,000-ton light carriers. The result balances large-deck capability with enough hulls to cover dispersed operational demands.