A(n) ________ is a single firm with ________, whereas ________ implies an industry with ________ firm(s) that has(have) ________. oligopoly; no barriers to entry; monopoly; many; easy entry and exit monopoly; barriers to entry; monopolistic competition; many; easy entry and exit monopoly; barriers to entry; oligopoly; few; no barriers to entry monopolistic competitor; barriers to entry; monopoly; one; barriers to entry
A monopoly is a single firm with barriers to entry, whereas monopolistic competition implies an industry with many firm(s) that has(have) easy entry and exit. In a monopoly market there is only one supplier of a particular commodity. The monopolistic competition is imperfect because many producers sell products that are differentiated from one another.
