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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04:53

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Discuss the preferred deterrent method employed by the Zambian government to combat tax evasion, monetary fines. As noted in the reading the potential penalty for corporate tax evasion is a fine of 52.5% of the amount evaded plus interest assessed at 5% annually along with a possibility of jail time. In general, monetary fines as a deterrent are preferred to blacklisting of company directors, revoking business operation licenses, or calling for prison sentences. Do you agree with this preference? Should companies that are guilty of tax evasion face something more severe than a monetary fine? Something less severe? Should the fine and interest amount be set at a different rate? If so at why? Provide support and rationale for your responses.

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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!

04:53

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!

04:53

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!

04:53

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.