The key feature of oligopoly market.

Question

Want to see more full solutions like this?

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.

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

Students have asked these similar questions

Only human experts solved it. Direction: Do a total of 5 of this, instruction and the topic is provided in the picture. Strictly write this in bond paper. NOTE: strictly use nautical almanac. This is about maritime navigation.

not use ai please

Use the following table to work Problems 5 to 9. Minnie's Mineral Springs, a single-price monopoly, faces the market demand schedule: Price Quantity demanded (dollars per bottle) 10 8 (bottles per hour) 0 1 6 2 4 3 2 4 0 5 5. a. Calculate Minnie's total revenue schedule. b. Calculate its marginal revenue schedule. 6. a. Draw a graph of the market demand curve and Minnie's marginal revenue curve. b. Why is Minnie's marginal revenue less than the price? 7. a. At what price is Minnie's total revenue maxi- mized? b. Over what range of prices is the demand for water from Minnie's Mineral Springs elastic? 8. Why will Minnie not produce a quantity at which the market demand for water is inelastic?

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.

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 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.