Question

Distinguish between monopoly and perfect cometition

Answer 1

Answer:

In a perfectly competitive market, price equals marginal cost and firms earn an economic profit of zero. In a monopoly, the price is set above marginal cost and the firm earns a positive economic profit. Perfect competition produces an equilibrium in which the price and quantity of a good is economically efficient.

Explanation:

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Answer 2

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Gud Morng

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Music is the art of arranging sounds in time to produce a composition through the elements of melody, harmony, rhythm, and timbre. It is one of the universal cultural aspects of all human societies.