State whether the following statement are TRUE and FALSE. 2. In a monopoly market, firm and industry are the same.

State whether the following statement are TRUE and FALSE.

2. In a monopoly market, firm and industry are the same.

Answer:

True


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.

No comments: