Define perfect competition. What are the features of perfect competition?
What do you mean by monopoly? What are the benefits and evils of monopoly?
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Firms are said to be in perfect competition when the following conditions occur: (1) many firms produce identical products; (2) many buyers are available to buy the product, and many sellers are available to sell the product; (3) sellers and buyers have all relevant information to make rational decisions about the ...
Explanation:
Monopolies are firms who dominate the market. ... Either a pure monopoly with 100% market share or a firm with monopoly power (more than 25%) A monopoly tends to set higher prices than a competitive market leading to lower consumer surplus.
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