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compare and contrast between perfect competition and a monopoly using diagrams

compare and contrast between perfect competition and a monopoly using diagrams

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Answer #1

Monopoly is a market structure type in which-

There is single seller and large number of buyers in the market

Price is only decide by the seller.

So it is also called price maker

Long term economic profit is positive

There are barriers to entry and exit

The profit maximization occurs at a point where the intersection of marginal cost and marginal revenue occurs

A perfect competition is a market structure type in which-

There are large number of buyers and sellers in the market

There are no barriers to entry and exit

The price is only decided by the market forces that is demand and supply

Long term economic profit is zero

Since price is decided by the market forces so demand curve is perfect elastic in nature

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