Question

Could some expert answer for me this question

"Identify the difference between the outcomes for the perfectly competitive firm and the monopoly firm with market power"

Answer 1

Difference between the outcomes of Perfect competition and monopoly
	Perfect competition	Monopoly
Profit maximization condition	P = MC	MR = MC
Equilubrium output	Higher than monopoly	Lower than perfectly competitive firm
Equilibrium price	Lower than monopoly	Higher than perfectly competitive firm
Pricing decision	Firms can charge the price determined by the industry	Monopoly firm can setb it's own price. It can also practice price discrimination.
Total surplus(Consumer surplus + Producer surplus)	Total surplus is higher than monopoly	Total surplus is lower than perfect competition. Monopoly creates also deadweight loss.