Distinguish between the important features of perfect competition and monopoly swap body structure There are three main features that check between a perfect competition and monopoly food market place structure: the type of impregnable, the freedom of gateway and the nature of the product (Sloman and Norris 1999, pg, 161). A table of these features is contained in appurtenance A. These two market structures are on opposite ends of the plate and consequently, the features and benefits of each structure switch quite dramatically.
Firms In a perfectly emulous market structure, there must be many firms in the market competing for business. In contrast to this, at bottom a monopoly there is single one firm operational in the market. A firm that is operating within a perfect market is referred to as a toll taker. Duffy (1993, pg. 107) explains that a condition of working within a perfectly competitive market is that “a price taker cannot control the price of the goods it sells; it only tak...If you want to get a full essay, order it on our website: OrderCustomPaper.com
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