Ask questions and get helpful responses.

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.

  1. 👍
  2. 👎
  3. 👁
  4. ℹ️
  5. 🚩
  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.

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩
  2. ngqa xlkeayf yjfdk wyuinhsf kbzm bumqz hpje

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩
  3. Thanks! That was brief but helpful

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩
  4. send me monopolic theory

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩
  5. ctrgoa fswmkp fiyc yhdrn gszu xnbl onuiwlj

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩
  6. fyhjr

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩
  7. in perfect competition there is free entry of markeys

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩
  8. a market with many buyers and sellers

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩
  9. basic contrast between monopoly and imperfect compitetion

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩
  10. The basic difference between monopoly nd perfect competition is

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩

Respond to this Question

First Name

Your Response

Still need help? You can ask a new question.