Respuesta :
Compared to perfect competition, a monopoly will produce less output, and charge a higher price.
A perfect competition is when a market has sellers all selling the same product and the market has no influence over the over pricing. The buyers and sellers do not control the price it is set at. A monopoly is when one company has full control and supply of a product and no one else sells it.
A perfect competition is when a market has sellers all selling the same product and the market has no influence over the over pricing. The buyers and sellers do not control the price it is set at. A monopoly is when one company has full control and supply of a product and no one else sells it.
A monopoly will generate less output and raise prices in comparison to perfect competition.
What is a monopoly?
A market arrangement in which there is just one seller and only one type of goods available. As the only vendor of the goods with no viable alternatives, the seller in a monopoly market has no rivals.
The definition of perfect competition is when all the sellers on a market are selling the same thing and the market has no control over the inflated prices. The price that is set is independent of the buyers and sellers. When only one business sells a product and has complete control over its supply, this situation is known as a monopoly.
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