4. How is this different from Perfect Competition? Monopoly is
different from perfect competition, in ways that:
A. Monopoly has one firm that is price maker, but in perfect
competition has many firms with free entry and exit and firms are
price takers.
B. Monopoly earns positive economic profit in long run, but
perfectly competitive firm earns zero economic profit in the long
run.
C. Perfect competition achieves productive & allocative
efficiency, but monopoly firm is inefficient.
5. Draw three...