Question

In which market structure is the demand curve faced by the firm and the demand curve...

In which market structure is the demand curve faced by the firm and the demand curve faced by the market the same (identical) curve?

monopoly

perfect competition

oligopoly

monopolistic competition

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Answer #1

Option 1

Monopoly

A monopoly is the only firm in the market, so the firm faces the same market demand curve.

A perfectly competitive market has many firms with an identical product so the market demand curve is downward sloping and the firm demand curve is horizontal.

An oligopoly has few firms, so the firm shares the market demand curve, and it is not identical to the market demand curve.

A monopolistic competitive market firm has many firms with the differentiated product, so the demand for the firms is a portion of the market demand curve.

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