Question
Give the difference between Perfect Competition and Monopoly.
| Perfect Competition | Monopoly |
| $1.$ There are numerous buyers and sellers. | $1.$ Buyers are numerous but seller or producer is only one. |
| $2.$ There are several firms In the industry. | $2.$ There is only one firm in the industry. So it is said firm is industry. |
| $3.$ There is no barrier for entry or exit of firms. | $3.$ Other firms cannot enter the market. |
| $4.$ Buyers can affect the market price. | $4.$ Buyers cannot affect the market price. |
| $5.$ The curves of Average Revenue $(AR)$ and Marginal Revenue $(MR)$ are one and the same and parallel to the $X-$axis. | $5.$ The curves of Average Revenue $(AR)$ and Marginal Revenue $(MR)$ are different and have negative slope. |
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