The firm and the industry are one and the same in mdash mdash mdash mdash ........

Economics- Phase (I & II) Demand and Supply , Market Structures

The firm and the industry are one and the same in————-.

perfect competition

monopolistic competition

duopoly

monopoly

- Perfect Competition:

- Many firms in the market.

- Each firm is a price taker with no market power.

- Products are homogenous and firms are independent.

- Monopolistic Competition:

- Many firms with differentiated products.

- Firms have some market power.

- Industry consists of multiple, competing firms.

- Duopoly:

- Two firms dominate the market.

- Each firm's decisions affect the other.

- Not identical to the entire industry.

- Monopoly:

- Only one firm in the market.

- The firm is the industry.

- No close substitutes for its product.

- Market power allows control over price.

Correct Answer: Option 4 - Monopoly

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