A ___________occurs in an industry where there is only one producer of a good and only one supplier.

Related MCQs

• When a perfectly competitive industry is in long-run equilibrium, all firms in the industry
• If there is a permanent increase in the demand for cars, car manufacturers will want to hire ________ workers, which will cause wages in the industry to ________.
• Perfect competition prevails when the demand for the output of each producer is
• Under monopolistic competition, there can be freedom of entry in the sense that there is freedom to produce
• The larger the number of firms in an oligopoly, the ________ the price and the ________ the output of the industry.
• When the perfectly competitive firm and industry are both in long-run equilibrium
• An increase in output in a perfectly competitive and constant cost industry which is in longrun equilibrium will come
• When the perfectly competitive firm and industry are both in long run equilibrium
• Firm and industry are the same under:
• The representative firm in a purely competitive industry: