One difference between a perfectly competitive firm and a monopoly is that a perfectly competitive firm produces where:.

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22-04-2022
Business

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One difference between a perfectly competitive firm and a monopoly is that a perfectly competitive firm produces where:.

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ajeigbeibraheem ajeigbeibraheem · Answer 1 · 2022-04-26T13:00:49+02:00

The major difference is that; a perfectly competitive firm produces has the choice to dictate the number of products to make, whereas a monopoly system has market power.

What is the difference between perfectly competitive firm and a monopoly system.

Perfectly competitive producers are those who can determine how the number of products to be made but not the price at which their output may be sold.

However, a monopolistic system has the power to dictate the price because there is only one producer and numerous customers. Hence, they possess a high market power than the perfectly competitive producers.

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