The distinction between a single firm & an Industry vanishes in which of the following market condition.

Monopoly.

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Perfect competition.

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Monopolistic competition.

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Imperfect competition.

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Solution

The correct option is B Perfect competition.
Perfect competition is a type of market where there are huge number of buyers and sellers who deals in the same type of product due to which no individual unit is able to influence the price of the product. Even the entry and exit of the firms from the market is allowed at every point of time. Therefore, there is no distinction in single firm and an industry in perfect competition.

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Similar questions

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