Explore BrainMass

monopoly and perfect competition

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

Please explain in your own words

How does monopoly differ from perfect competition?


© BrainMass Inc. brainmass.com October 25, 2018, 3:53 am ad1c9bdddf

Solution Preview

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.

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.

View Full Posting Details