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19 September, 08:15

A competitive industry is characterized by a single firm with control over the market price producing a product with no close substitutes. a single firm with limited control over the market price producing a product with many close substitutes. many firms with control over the market price producing differentiated products. many firms with no control over the market price producing identical products.

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  1. 19 September, 10:00
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    Answer: many firms with no control over the market price producing identical products.

    Explanation: A competitive industry is an industry characterised by:

    1. No barriers to entry

    2. Firms produce homogenous goods

    3. Firms have no control over market price. They are price takers.

    4. Many firms.

    A monopoly is characterised by:

    1. A single seller that sets marker price

    2. High barriers to entry

    An oligopoly is characterised by few firms in the industry.
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