explain,in a monopoly market firm and industry are the same.
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13
Answer:
A monopoly market consists of only one seller or firm. This single firm caters to the needs of a large number of buyers. Because there is only firm in the market, the firm is regarded as the industry.
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1
Answer:
True
Explanation:
- A monopoly market has just one vendor or business. Many different customers' needs are met by this one business. The industry is thought of as the one and only company in the market.
- a market arrangement in which a firm has complete control over the production and sale of a good or service for which there are no suitable alternatives.
- A monopolised market is one where a single supplier caters to a sizable number of customers with a product that has no close substitutes. It is a single-firm industry because in a monopolistic market, the firm and the industry are one and the same thing.
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