27. There is no difference between a firm and industry in the monopoly market.
(True/False)
Answers
Answered by
4
In a monopoly market,there is no difference a firm and industry.Hence,the given statement is true.
Explanation:
- In Economics,an industry usually comprises of firm/firms selling a certain product or service in any respective market.It is named after the concerned good or service sold in the market among firm/s and buyers or consumers.
- Monopoly is a specific type of market structure which consists of only single or one firm or company known as monopolist,selling a particular good or service to the consumers or buyers.
- Since monopolist is the only firm or company selling the concerned product or service in the market,it practically represents the entire industry for that particular product or service.
Similar questions