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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

How is monopoly different from perfect competition?

To determine

The difference between monopoly and perfect competition.

Explanation

The differences between the market forms of perfect competition and monopoly are based on the following factors: number of firms in the market, number of consumers, type of product, entry and exit conditions, demand curve perceived by the firms, condition of profit maximization and existence of supernormal profit. These can be elaborated as mentioned in the table below:

Standards Monopoly Perfect Competition
Number of firms One Significantly large in numbers
Number of consumers Significantly large Significantly large
Market power of firms and consumers Firm has full control over the market...

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