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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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