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.
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.