52. The firm and the industry are one and the same in
(a) Perfect competition
(b) Monopolistic competition
(c) Duopoly
(d) Monopoly
Answers
The firm and the industry are one and the same in
(a) Perfect competition
(b) Monopolistic competition
(c) Duopoly
(d) Monopoly
The correct answer is :
(d) Monopoly
Explanation :
Firm and industry are one and the same in case of monopoly. A monopoly market is a market where only one seller or producer has absolute monopoly to produce and sell a product or service.
That is, in relation to the production and sale of the product, complete ownership lies with the seller. Buyers have no choice in the monopoly market.
In simple words, a monopoly market is a market where there is only one seller and there is no competition and buyers have no choice.
Firm and industry are similar in terms of monopoly in the market, as there are many industries which have established their monopolies. Similarly there are many firms which have established their monopoly.
#SPJ3