What is perfect competition? What is monopoly?
What is perfect competition? What is monopoly?
Perfect Competition:
Perfect competition is an economic model of a market structure where a large number of small firms compete against each other.
It is characterized by a homogenous product, no barriers to entry, perfect information, and no externalities.
Examples of perfect competition include agricultural goods, retail stores, and the stock market.
Monopoly:
Monopoly is a market structure where only one firm produces and sells a product that has no close substitutes.
It is characterized by a single seller, high barriers to entry, and limited information.
Thank you for reading. Create summary videos with Kimavi.