How is monopoly different from a competitive firm – InterviewSolution

1.

How is monopoly different from a competitive firm

Answer»

Monopoly	Competitive Firm
(i) Existence of single seller.	(i) Existence of large number of sellers.
(ii) No close substitutes.	(ii) Existence of close substitutes.
(iii) Control over market price	(iii) No control over market price
(iv) Super-normal profit	(iv) Normal profit.

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