What is monopoly?How does its concepts differ from that of perfect competition?
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Monopolistic market and a perfectly competitive market are two market structures that have several key distinctions, such as market share, price control, and barriers to entry. In a monopolistic market, there is only one firm that dictates the price and supply levels of goods and services and has total market control. Contrary to a monopolistic market, a perfectly competitive market is composed of many firms, where no one firm has market control. In the real world, no market is purely monopolistic or perfectly competitive. Every real-world market combines elements of both of these ideal types.
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