microeconomics - monopoly vs perfect competition

posted by .

hi, can sum1 help me?

wats difference between monopoly and perfect competition?

one is a solely dominated market and the other is a market with many producers

1)The monopolist is the price-maker. But the firm i under aperfect compepetion is the price-taker. 2)Products under perfect competion are identical but theremay difference in product under perfect competition. 3)There is free entry under perfect competition but the the free is not observed under monopoly.

thanks! *big kiss*

The difference between Monopoly and perfect competition is that:
1) In Monopoly, price can easily be changed whiles in Perfect competition price cannot due to the competition in the system.
2) The monopoly's products have no close substitute whiles perfect competition's product have.

  • microeconomics - monopoly vs perfect competition -

    Monopolistic market operates under the following assumptions:
    a. there is only one seller
    b. THE PRODUCT HAS NO CLOSE SUBSTITUTES
    c. High barriers of entry into the market exists
    Perfect competition is ruled by competition(there is more than one company
    competing for sales of the same or similar
    product.

  • microeconomics - monopoly vs perfect competition -

    Thanks! That was brief but helpful

  • microeconomics - monopoly vs perfect competition -

    send me monopolic theory

  • pflsr dxklji -

    ngqa xlkeayf yjfdk wyuinhsf kbzm bumqz hpje

  • bugkc kxujvzawt -

    ctrgoa fswmkp fiyc yhdrn gszu xnbl onuiwlj

  • microeconomics - monopoly vs perfect competition -

    fyhjr

  • microeconomics - monopoly vs perfect competition -

    in perfect competition there is free entry of markeys

  • pure competition -

    a market with many buyers and sellers

  • microeconomics - monopoly vs perfect competition -

    basic contrast between monopoly and imperfect compitetion

  • microeconomics - monopoly vs perfect competition -

    The basic difference between monopoly nd perfect competition is

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Economics

    Heres one IM SURE economist will enjoy... Always saying MC = MR :) Please help... I know its something to do with Perfectly competitive firms being price takers! right?
  2. Microeconomics

    It has been estimated that the world demand for wheat can be represented by thefunction P = 80 - 2Q. It has been further found that the countries supplying thismarket have marginal cost curves which when summed together are given by …
  3. Microeconomics :o)

    "In both monopoly and perfect competition the profit maximising output is at the level at which MR = MC, but only in the latter is the optimum output level such that P = MC" Explain the above statement by comparing the model of perfect …
  4. Microeconomics

    "In both monopoly and perfect competition the profit maximising output is at the level at which MR = MC, but only in the latter is the optimum output level such that P = MC" Explain the above statement by comparing the model of perfect …
  5. Microeconomics - monopoly vs perfect competition

    This is a good and fun question that I am still scratching my head oever. We know monopoly's profit maximisation is MC=MR. We also know that perfect competition's profit maximising criteria is such that P=MC. Just what exactly does …
  6. Economics

    Among monopoly, oligopoly, Monopolistic competition, and perfect competition, how would you classify the markets for each of the following drinks?
  7. Check

    13. Giganeers faces competition from many other companies that also provide engineering consulting services. In order to gain more business, Gig has tried to convince potential clients that his company offers better service than the …
  8. phoenix

    The general term for market structures that fall somewhere in-between monopoly and perfect competition is __________.
  9. Business 475

    The general term for market structures that fall somewhere in-between monopoly and perfect competition is?
  10. Economics

    Assume that there is a perfect competition market for a good X. If one supplier all of a sudden wins the lottery and buys all the other firms that make good X and turns this market into a monopoly. Describe to me the difference in …

More Similar Questions