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 7AA
To determine
To find: The Correct word that completes the given sentence.
Expert Solution & Answer
Answer to Problem 7AA
The correct word that completes the given sentence is dominate.
Explanation of Solution
Oligopoly refers to the market structure 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.
An important aspect in an oligopoly market is interdependence. If any of the selling firms make a slight change in their product prices, it will directly hamper their rivals and they, in return, would change their prices too to sustain the market. Government policies can have a direct or indirect impact on an oligopoly market.
So, the correct word that completes the given sentence is dominate.
Economics Concept Introduction
Introduction: Oligopoly refers to the market structure 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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