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The demand curve of the firm and industry will be same in which form of market:
- a)Monopolistic Competition
- b)Perfect Competition
- c)Monopoly
- d)Oligopoly
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
The demand curve of the firm and industry will be same in which form o...
Perceived Demand for Firms in Different Competitive Settings. The demand curve faced by a perfectly competitive firm is perfectly elastic, meaning it can sell all the output it wishes at the prevailing market price. The demand curve faced by a monopoly is the market demand.
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The demand curve of the firm and industry will be same in which form o...
Explanation:
In a monopoly market, the firm has complete control over the supply of the product and there are no close substitutes for the product. Due to the lack of competition, the demand curve faced by the firm and the industry is the same. The firm can set the price of the product according to its own choice as there are no competitors to force the price down. In this scenario, the demand curve is downward sloping.
Key Points:
In a monopoly market, the firm has complete control over the supply of the product and there are no close substitutes for the product. Due to the lack of competition, the demand curve faced by the firm and the industry is the same. The firm can set the price of the product according to its own choice as there are no competitors to force the price down. In this scenario, the demand curve is downward sloping.
Key Points:
- Monopoly market: A market structure in which a single firm dominates the market.
- Complete control over supply: The firm has complete control over the supply of the product.
- No close substitutes: There are no close substitutes for the product.
- Same demand curve: The demand curve faced by the firm and the industry is the same.
- Price setting: The firm can set the price of the product according to its own choice.
- Downward sloping demand curve: In a monopoly market, the demand curve is downward sloping.
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The demand curve of the firm and industry will be same in which form of market:a)Monopolistic Competitionb)Perfect Competitionc)Monopolyd)OligopolyCorrect answer is option 'C'. Can you explain this answer?
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