Answer: Monopoly is an industry can be so large that demand will support only one firm.
Step-by-step explanation:
A monopoly is defined as a single firm in an industry with no close substitutes. An industry is defined as a group of firms that produce the same good.
- Monopoly = A single firm in an industry with no close substitutes.
The phrase, “no close substitutes” is important, since there are many firms that are the sole producer of a good.