Please explain in your own words
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 ...
Contrast monopoly from perfect competition.
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.