Economy, asked by gupukaur1503, 6 months ago

Distinguish between perfect competition and monopoly

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Answered by rranjan8481

3

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.......! ❤️

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