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monopoly and perfect competition

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How does monopoly differ from perfect competition?

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The two market structures can primarily be divided along the following lines: number of producers, product uniqueness, cost of entry and exit, pricing mechanism, and profit status.

With a monopoly we have one firm, or more likely one very dominant firm in the market, while perfect competition sees a lot of smaller firms. Governments use many indices to measure the power that firms have in market with the ...

Solution Summary

Contrast monopoly from perfect competition.

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See Also This Related BrainMass Solution

Monopoly, Oligopoly, Perfect competition, and Monopolistic competition

What is a market structure?
Define and discuss in detail the differences between a monopoly, an oligopoly, perfect competition and monopolistic competition.
Give real-life examples of each market structure.

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