Acompetitive industry is characterized by a single firm with control over the market price producing a product with no close substitutes. a single firm with limited control over the market price producing a product with many close substitutes. many firms with control over the market price producing differentiated products. many firms with no control over the market price producing identical products.

many firms with no control over the market price producing identical products.

Explanation: A competitive industry is an industry characterised by:

1. No barriers to entry

2. Firms produce homogenous goods

3.Firms have no control over market price. They are price takers.

4. Many firms.

A monopoly is characterised by :

1. A single seller that sets marker price

2. High barriers to entry

An oligopoly is characterised by few firms in the industry.

answerattainable;