Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
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Question
Chapter 9, Problem 15AA
To determine
To state: The control an oligopoly have over market
Expert Solution & Answer
Answer to Problem 15AA
Oligopoly has a slight influence on the market price.
Explanation of Solution
Oligopoly is the market in which there exists lesser firms selling same or differentiated products. They tend to apply control over price but as there exists lesser number of firms selling mostly same products, when one firm changes the price either increase or decrease, the other firms also follow. Because the consumer has quite few options to explore and compare their products.
Economics Concept Introduction
Introduction: Oligopoly is the market in which there are few sellers and thus all of them exercise a significant influence in the market. It is a form of imperfect competition.
Chapter 9 Solutions
Economics Today and Tomorrow, Student Edition
Ch. 9.1 - Prob. 1RCh. 9.1 - Prob. 2RCh. 9.1 - Prob. 3RCh. 9.1 - Prob. 4RCh. 9.1 - Prob. 5RCh. 9.1 - Prob. 6RCh. 9.2 - Prob. 1RCh. 9.2 - Prob. 2RCh. 9.2 - Prob. 3RCh. 9.2 - Prob. 4R
Ch. 9.2 - Prob. 5RCh. 9.3 - Prob. 1RCh. 9.3 - Prob. 2RCh. 9.3 - Prob. 3RCh. 9.3 - Prob. 4RCh. 9 - Prob. 1AACh. 9 - Prob. 2AACh. 9 - Prob. 3AACh. 9 - Prob. 4AACh. 9 - Prob. 5AACh. 9 - Prob. 6AACh. 9 - Prob. 7AACh. 9 - Prob. 8AACh. 9 - Prob. 9AACh. 9 - Prob. 10AACh. 9 - Prob. 11AACh. 9 - Prob. 12AACh. 9 - Prob. 13AACh. 9 - Prob. 14AACh. 9 - Prob. 15AACh. 9 - Prob. 16AACh. 9 - Prob. 17AACh. 9 - Prob. 18AACh. 9 - Prob. 19AACh. 9 - Prob. 20AACh. 9 - Prob. 21AACh. 9 - Prob. 22AACh. 9 - Prob. 23AACh. 9 - Prob. 24AA
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