What is the difference to the consumer between a monopoly market and a competitive one?

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Difference to the consumer between a monopoly market and a competitive one-

1.) In the monopoly market there is only one seller that decides the price and supply level of the goods and services and this firm has the total maket control where is competitive market there are large number of sellers and buyers sellers under competitive market has no market control.

2.) The firms under monopoly market are price setter as they decide there own price while in competitive market the firms are price taker as the firms under competitive market do not decide the price.

3.) The entry to monopoly market is restricted where as there is no restrictions to the entry of new firm in competitive market.

Rahul Sunny answered 1 year ago

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