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

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Does an oligopolistic firm have a supply curve? WHY or WHY NOT? Explain with graph

What is the primary strategy used by firms in oligopolistic markets to maximize profits?A. Price competitionB. Quantity competitionC. CollusionD. Non-price competition

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

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.

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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.

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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.