☰
✕

The Theory Of The Firm Under Perfect Competition
Question
Wired Faculty App

In monopoly, firm is itself an industry.

Answer

True; as monopoly firm itself constitutes industry due to nonexistence of any other firm dealing in the same product.

Sponsor Area

Some More Questions From The Theory Of The Firm Under Perfect Competition Chapter

Name the market structure in which firm is itself an industry.

 Define the term market as used in economics.

What is meant by monopolistic competition?

What are selling costs?

Define homogeneous product.

What is meant by differentiated product?

 Define perfect competition.

 Is the seller under perfect competition a price maker or a price taker? 

Define monopoly.  

Define market equilibrium.