Distinguish Between the main Features of Perfect Competition and Monopo

get a line Between the main Features of Perfect Competition and Monopoly Market Structure on that point are three main features that distinguish between a pure(a)ive aspect competition and monopoly food market structure the type of firm, the freedom of entry and the temper of the product (Sloman and Norris 1999, pg, 161). A t qualified of these features is contained in Appendix A. These two market structures are on opposite ends of the scale and consequently, the features and benefits of each structure vary quite dramatically.Firms In a perfectly competitive market structure, on that point must be many firms in the market competing for business. In origin to this, within a monopoly there is only one firm in operation(p) in the market. A firm that is operating within a perfect market is referred to as a price taker. Duffy (1993, pg. 107) explains that a condition of functional within a perfectly competitive market is that a price taker cannot control the price of th e goods it sells it simply takes the market price as given. In a monopoly, the firm does not have to take the given price. It is able to search the market for the best price to charge relative to the pauperism for the product, profitability and availability of the resources for manufacture. This is particularly relevant when there is a shortage of supply. As there is only one seller of the product, consumers are constrained to purchase the goods at a higher price. The International Encyclopaedia of economic science (1997, pg. 1041) states, ...