Why is there no difference between firm and industry under monopoly?
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Also, in a monopoly, there is no difference between the firm and the industry. This is because there is only one producer and/or seller. Therefore, the firm's demand curve is the industry's demand curve.
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- A monopoly firm is a price-maker simply because the absence of competition from other firms frees the monopoly firm from having to adjust the prices it charges downward in response to the competition. The whole point of a competitive marketplace is that consumers can choose among multiple companies for the same or very similar goods or services.
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