The key difference between a monopolist and a competitor.
Explanation of Solution
The key difference between a monopolist and a perfect competitor is that a
Perfectly competitive market: The perfect competition is a market structure in which large number of buyers and sellers are selling the homogeneous product in the market. Thus, there will be no market control to any one seller in the market and the price and output decisions are determined by the market forces.
Monopoly: Monopoly is a market structure in which a single seller enjoys the largest market share with many buyers.
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Chapter 14 Solutions
MICROECONOMICS
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