Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsMarket2 Marks
Question
Explain, in a monopoly market firm and industry are the same.
✓
Answer
Firm is industry:
A firm is an independent unit of production, whereas an industry is the collection of the firms producing same products.
However in monopoly, the producer and the seller are same. So, the concept of collection of firms does not exist and single firm behaves as a whole industry.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.