Outline four differences between perfect competition and monopoly

      

Outline four differences between perfect competition and monopoly

  

Answers


gideon
(i) Many sellers or suppliers (i) A single seller, producer in the market
(ii) Price taker – price fixed by forces of demand and supply ii) Price is fixed by the monopoly firm
(iii) Free entry or exit of form in the market (iii) Difficult for other firms to enter the market
(iv) Commodities are similar in all ways e.g. size, brand, quality (iv) Commodities do not have close
substitutes.
(v) A single seller cannot influence the price in the market (v) Seller can influence the price.
gideon1 answered the question on October 1, 2017 at 14:38


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