Difference in between perfect competition and Monopoly

Question

What are the differences between perfect competition and Monopoly?

Answer 1

Difference in between perfect competition and Monopoly are as follows:

1. In perfect competition there are several sellers but within the case of monopoly, here is only one seller

2. Individual seller has no control over the market supply within the case of perfect competition. However, in the case of Monopoly individual seller limits the supply.

3. Products are the similar in the case of perfect competition, but here is only one product into the case of Monopoly.

4. In perfect competition, here is free entry and exit of firms. But the Monopolist blocks the entry.

5. The Monopolist discriminates the price but here is uniform price in ideal competition.

6. Firm and Industry is diverse in the case of perfect competition that they are similar in the case of Monopoly.