Answer:
A) A firm in an oligopolistic market has to consider its own impact on price when making production decisions
Explanation:
A perfectly competitive market is a market with many firms selling identical product. There are free entry and free exist and the decision of a firm does not affect the price in the market as all firms are price takers. Therefore, each firm is independent under perfectly competitive market and production decisions of a firm in a perfectly competitive market does not affect the price in the market nor will it cause any reaction from other firms.
However, Oligopolistic market is a market where there are few firms which are 3 or more firms but not more than 20 firms selling identical or differentiated product.. Firms in oligopolistic market are interdependent which implies that the decision of one firm can affect price and this can cause reaction from other firms and then lead to a price war. A price war occurs when each firm continually reduces its own price in order to increase its market share which causes other firms to react reducing their own prices and this will make none of the firms to gain in the end. In order to avoid the price war, each firm in an oligopolistic market has to consider its own impact on price when making production decisions.
In competitive market equilibrium, the allocation of the social surplus is such that no individual can be made better off without making someone else worse off.
The phrase "competition equilibrium" refers to an equilibrium condition when the firm's goal of maximising profits and the customers' goal of maximising utility both aspire to reach an equilibrium price as a result of freely determined prices.
According to the theory of competitive equilibrium, the firm's supply of the product is equal to the market's demand for that same amount of the product. It is a circumstance in which neither the buyer nor the seller can strengthen their bargaining position with regard to the goods being sold.
Learn more about competitive market here brainly.com/question/13961518
#SPJ4
keep trying and call every once or twice a time in the week
True because in Shanghai the equilibrium of the bees is much harder than the volume of the wasp in Kosovo
Answer:
The warranty period is for three years.
Explanation:
A warranty is a promise a buyer receives from the seller that the latter will repair or replace the product should it develop defects within a stated period. Warranties are granted with specific conditions. The universal condition is that the defects in the product are a result of the manufacturing process and not the buyers' misuse. The defect must occur within a stated period.
In the case of XYZ, the stated period is three years. However, the seller has introduced another condition of "or 30,000 miles whichever comes first." For business reasons, and from market experience, the seller expects that XYZ will use the vehicle at an average rate of 10,000 miles per year. At this rate, the warranty will last for three years. Should the buyer use the vehicle at a faster rate than this, the 30,000 miles will be exhausted earlier, which will bring the warranty to an end. If XYZ uses the vehicle at a slower or the expected rate, the warranty will last for three years.
