Question

Can someone briefly explain to me the different between monopoly and perfect competition?

Answer 1

I hope this will help. In a perfect competition, every seller has to accept the market price. A monopoly can set its own price.
http://www.sparknotes.com/economics/micro/monopolies/section2.rhtml

Answer 2

A monopoly means that there is only one supplier producing the goods and there is no competition. Thus, the monopolist can set his own price.
Perfect competition is the other extreme. There are many producers and the goods supplied are almost the same. Hence, nobody can charge a higher price; everyone has to comply with the market price.

Answer 3

monopoly:-
1. firm is price maker
2.no entry and exit of firms
3.supernormal profits in long run
4.eg:- railways

perfect:-
1.price taker
2.entry n exit f firms
3.normal profit in long run
4.eg:- vegetable sellers