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Does monopolists differ from perfect competitors because monopolists makes a profit?
Wiki User
∙ 13y ago
Not because of that reason but rather a result of the different characteristic of the two market structures.
Basis of difference : MONOPOLY PERFECT COMPETITION
1) Number of producer 1 Many
2) Knowledge imperfect perfect
3) Price setter/taker setter taker
4) Nature of goods no substitute/ imperfect sub. homogeneous
5) Barriers to entry very high no
5) Factor mobility Factor immobility perfectly mobile
6) Profits in LR supernormal/normal normal
Wiki User
∙ 13y ago
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