The key feature of oligopoly market.

Question

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Answer 1

Question

Chapter 17, Problem 1CQQ

To determine

The key feature of oligopoly market.

Expert Solution & Answer

Answer to Problem 1CQQ

Option “d” is correct.

Explanation of Solution

Sub part (d):

In an oligopoly, there are few numbers of sellers selling identical products. The key feature of an oligopoly is a small number of firms acting strategically or firms acting just like a union. It can be termed as cartel. The firms are acing strategically; it will help to maximize the total profit of each member firm. Thus, option “d” is correct.

Sub part (a):

Each firm in the oligopoly produces similar and differentiated products. Thus, option “a” is incorrect.

Sub part (b):

The oligopoly firm sets the quantity demand where the marginal revenue is equal to the marginal cost and fixes the price equivalents to that point in the demand curve that is not fixed by a single firm. Thus, option “b” is incorrect.

Sub part (c):

The firm sets the quantity demand where the marginal revenue is equal to the marginal cost and fixes the price equivalent to that point in the demand curve. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Oligopoly market: Oligopoly is a market structure with few numbers of large sellers, offering similar or identical products.

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02:50

Students have asked these similar questions

Does an oligopolistic firm have a supply curve? WHY or WHY NOT? Explain with graph(s).

Explain if excess profit will exist in the long run for an oligopolistic market.

The graph below shows a demand curve for a firm operating in an oligopolistic market. Instructions: Enter quantities as a whole number. Round prices 2 decimal places. a. What is the profit maximizing price and quantity when marginal cost is MC1? The firm will produce units at a price of $ . b. Suppose marginal cost increases to MC2, what is the profit maximizing price and quantity after marginal cost changes? The firm will produce units at a price of $ .

Answer 2

Question

Chapter 17, Problem 1CQQ

To determine

The key feature of oligopoly market.

Expert Solution & Answer

Answer to Problem 1CQQ

Option “d” is correct.

Explanation of Solution

Sub part (d):

In an oligopoly, there are few numbers of sellers selling identical products. The key feature of an oligopoly is a small number of firms acting strategically or firms acting just like a union. It can be termed as cartel. The firms are acing strategically; it will help to maximize the total profit of each member firm. Thus, option “d” is correct.

Sub part (a):

Each firm in the oligopoly produces similar and differentiated products. Thus, option “a” is incorrect.

Sub part (b):

The oligopoly firm sets the quantity demand where the marginal revenue is equal to the marginal cost and fixes the price equivalents to that point in the demand curve that is not fixed by a single firm. Thus, option “b” is incorrect.

Sub part (c):

The firm sets the quantity demand where the marginal revenue is equal to the marginal cost and fixes the price equivalent to that point in the demand curve. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Oligopoly market: Oligopoly is a market structure with few numbers of large sellers, offering similar or identical products.

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02:50

Answer 3

Question

Chapter 17, Problem 1CQQ

To determine

The key feature of oligopoly market.

Expert Solution & Answer

Answer to Problem 1CQQ

Option “d” is correct.

Explanation of Solution

Sub part (d):

In an oligopoly, there are few numbers of sellers selling identical products. The key feature of an oligopoly is a small number of firms acting strategically or firms acting just like a union. It can be termed as cartel. The firms are acing strategically; it will help to maximize the total profit of each member firm. Thus, option “d” is correct.

Sub part (a):

Each firm in the oligopoly produces similar and differentiated products. Thus, option “a” is incorrect.

Sub part (b):

The oligopoly firm sets the quantity demand where the marginal revenue is equal to the marginal cost and fixes the price equivalents to that point in the demand curve that is not fixed by a single firm. Thus, option “b” is incorrect.

Sub part (c):

The firm sets the quantity demand where the marginal revenue is equal to the marginal cost and fixes the price equivalent to that point in the demand curve. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Oligopoly market: Oligopoly is a market structure with few numbers of large sellers, offering similar or identical products.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

02:50

Answer 4

Question

Chapter 17, Problem 1CQQ

To determine

The key feature of oligopoly market.

Expert Solution & Answer

Answer to Problem 1CQQ

Option “d” is correct.

Explanation of Solution

Sub part (d):

In an oligopoly, there are few numbers of sellers selling identical products. The key feature of an oligopoly is a small number of firms acting strategically or firms acting just like a union. It can be termed as cartel. The firms are acing strategically; it will help to maximize the total profit of each member firm. Thus, option “d” is correct.

Sub part (a):

Each firm in the oligopoly produces similar and differentiated products. Thus, option “a” is incorrect.

Sub part (b):

The oligopoly firm sets the quantity demand where the marginal revenue is equal to the marginal cost and fixes the price equivalents to that point in the demand curve that is not fixed by a single firm. Thus, option “b” is incorrect.

Sub part (c):

The firm sets the quantity demand where the marginal revenue is equal to the marginal cost and fixes the price equivalent to that point in the demand curve. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Oligopoly market: Oligopoly is a market structure with few numbers of large sellers, offering similar or identical products.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

02:50

Answer 5

Chapter 17, Problem 1CQQ

To determine

The key feature of oligopoly market.

Expert Solution & Answer

Answer to Problem 1CQQ

Option “d” is correct.

Explanation of Solution

Sub part (d):

In an oligopoly, there are few numbers of sellers selling identical products. The key feature of an oligopoly is a small number of firms acting strategically or firms acting just like a union. It can be termed as cartel. The firms are acing strategically; it will help to maximize the total profit of each member firm. Thus, option “d” is correct.

Sub part (a):

Each firm in the oligopoly produces similar and differentiated products. Thus, option “a” is incorrect.

Sub part (b):

The oligopoly firm sets the quantity demand where the marginal revenue is equal to the marginal cost and fixes the price equivalents to that point in the demand curve that is not fixed by a single firm. Thus, option “b” is incorrect.

Sub part (c):

The firm sets the quantity demand where the marginal revenue is equal to the marginal cost and fixes the price equivalent to that point in the demand curve. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Oligopoly market: Oligopoly is a market structure with few numbers of large sellers, offering similar or identical products.

Answer 6

Chapter 17, Problem 1CQQ

To determine

The key feature of oligopoly market.

Expert Solution & Answer

Answer to Problem 1CQQ

Option “d” is correct.

Explanation of Solution

Sub part (d):

In an oligopoly, there are few numbers of sellers selling identical products. The key feature of an oligopoly is a small number of firms acting strategically or firms acting just like a union. It can be termed as cartel. The firms are acing strategically; it will help to maximize the total profit of each member firm. Thus, option “d” is correct.

Sub part (a):

Each firm in the oligopoly produces similar and differentiated products. Thus, option “a” is incorrect.

Sub part (b):

The oligopoly firm sets the quantity demand where the marginal revenue is equal to the marginal cost and fixes the price equivalents to that point in the demand curve that is not fixed by a single firm. Thus, option “b” is incorrect.

Sub part (c):

The firm sets the quantity demand where the marginal revenue is equal to the marginal cost and fixes the price equivalent to that point in the demand curve. Thus, option “c” is incorrect.

Economics Concept Introduction

Concept introduction:

Oligopoly market: Oligopoly is a market structure with few numbers of large sellers, offering similar or identical products.

Answer 7

Chapter 17, Problem 1CQQ

To determine

The key feature of oligopoly market.

Answer 8

Expert Solution & Answer

Answer to Problem 1CQQ

Option “d” is correct.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Sub part (d):

In an oligopoly, there are few numbers of sellers selling identical products. The key feature of an oligopoly is a small number of firms acting strategically or firms acting just like a union. It can be termed as cartel. The firms are acing strategically; it will help to maximize the total profit of each member firm. Thus, option “d” is correct.

Sub part (a):

Each firm in the oligopoly produces similar and differentiated products. Thus, option “a” is incorrect.

Sub part (b):

The oligopoly firm sets the quantity demand where the marginal revenue is equal to the marginal cost and fixes the price equivalents to that point in the demand curve that is not fixed by a single firm. Thus, option “b” is incorrect.

Sub part (c):

The firm sets the quantity demand where the marginal revenue is equal to the marginal cost and fixes the price equivalent to that point in the demand curve. Thus, option “c” is incorrect.

Answer 12

Economics Concept Introduction

Concept introduction:

Oligopoly market: Oligopoly is a market structure with few numbers of large sellers, offering similar or identical products.

Answer 13

Ch. 17.1 - Prob. 1QQ Ch. 17.2 - Prob. 2QQ Ch. 17.3 - Prob. 3QQ Ch. 17 - Prob. 1CQQ Ch. 17 - Prob. 2CQQ Ch. 17 - Prob. 3CQQ Ch. 17 - Prob. 4CQQ Ch. 17 - Prob. 5CQQ Ch. 17 - Prob. 6CQQ Ch. 17 - Prob. 1QR

The key feature of oligopoly market.

The key feature of oligopoly market.

Answer to Problem 1CQQ

Explanation of Solution

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Chapter 17 Solutions