A(n) _______ is a single firm with _______ , whereas _______ implies an industry with ________ firm(s) who have (has) _______ .
A) oligopoly; no barriers to entry; monopoly; many; easy entry and exit
B) monopoly; barriers to entry; monopolistic competition; many; easy entry and exit
C) monopoly; barriers to entry; oligopoly; few; no barriers to entry
D) monopolistic competitor; barriers to entry; monopoly; one; barriers to entry

Question

Quizplus · Accepted Answer

A monopoly is a single firm with barriers to entry (such as patents, economies of scale, etc.), whereas monopolistic competition implies an industry with many firms who have easy entry and exit. Oligopoly is a market structure characterized by few firms, and there can be barriers to entry or not depending on the industry. Therefore, B is the only option that correctly matches the definitions.

A(n) _______ Is a Single Firm with _______ , Whereas

A(n) _ Is a Single Firm with _ , Whereas