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Difference between Perfect competition and Monopoly

Some of the points on difference between perfect competiton and monopoly are as follows. So let us check compare perfect competiton and monopoly to know more about it.

Monopoly Perfect Competition
Firms are less efficient Firms are more efficient
Strict barriers to entry No barriers to entry
No cosumers choice More consumers choice
Lower average cost Higher average cost involved
No competition exist Competiton exists
Economies of Scale No economies of scale
Large scale production Small scale production
It is a price maker  Price taker
Just one supplier More than one supplier
No substitutes available  Substitutes available

Similar article on Advantages & disadvantages of Monopoly for more details.


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Process Validation Types

Types of Process Validation: There are mainly four types of process validation. Following are some of the types of process validation so let us see all types one by one:

Prospective process validation

Retrospective process validation

Concurrent process validation


Prospective process validation: "Documented evidence - Validation carried out based on the pre-planned protocol"

Retrospective process validation: "Documented evidence - Validation carried out based on the analysis and review of the historical data"

What is the Full Form of MIS?

MIS - Management Information System

MIS is the study of the  organizations, people and technology,to know the relationship among them in terms of computer system.

MIS study using computerized system is used to evaluate the efficiency and effectiveness of decision making of people in an organization.

Strength and weakness of an employee can be identifed with the help of this study.