Mention four differences between perfect competition and monopoly.

Question

&nbsp;The differences between perfect competition and monopoly are as follows:Perfect CompetitionMonopolyIt is a market...

Accepted Answer

&nbsp;The differences between perfect competition and monopoly are as follows:Perfect CompetitionMonopolyIt is a market...

Perfect Competition	Monopoly
It is a market situation where a large number of buyers and sellers deal in a homogeneous product at a fixed price set by the market.	It is a market situation where there is only one seller in the market selling a product with no close substitutes.
This market has a very large number of sellers.	This market has a single seller.
This market has homogeneous products.	There are no close substitutes in this market.
There is freedom of entry and exit in this market.	There is a restriction on the entry of new firms and exit of old firms.