microeconomics - monopoly vs perfect competition

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.

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asked by RyaN

  1. 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.

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    posted by arthur

  2. ngqa xlkeayf yjfdk wyuinhsf kbzm bumqz hpje

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    posted by okegnbat wmqilfavx

  3. Thanks! That was brief but helpful

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    posted by Arames

  4. send me monopolic theory

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    posted by meenakci

  6. ctrgoa fswmkp fiyc yhdrn gszu xnbl onuiwlj

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    posted by bugkc kxujvzawt

  7. fyhjr

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    posted by rey4wte

  8. in perfect competition there is free entry of markeys

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    posted by noor

  9. a market with many buyers and sellers

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    posted by josephine

  10. basic contrast between monopoly and imperfect compitetion

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    posted by haroon

  12. The basic difference between monopoly nd perfect competition is

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    posted by Raazia khan

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