what is the difference between monopoly and

Question

What is the difference between monopoly and perfect competition?

Monopoly versus Perfect Competition:

1. Perfect competition is equal to monopoly competition, at the perfectly competitive firm's profit-maximizing quantity of output

2. Perfect competition is greater than to monopoly revenue and equal to monopoly competition, at the monopolist's profit-maximizing quantity of output.

Compared long with a competitive industry, a monopolist does the given below:

• Produces a smaller quantity: monopoly quantity less than control quantity as Q_M < Q_C.
• Charges a higher price: monopoly price greater than control price as P_M > P_C
• Earns a profit.