... both, while a firm in perfect competition can control neither. However, the differences between monopoly and perfect competition are the below: with the monopoly there is a one seller and many buyers. On the other hand, with the perfect competition there are many buyers and sellers. Another main difference between the monopoly and the perfect competition is that, with the monopoly we can have some barriers to entry and to exit, but with the perfect competition it's not happening the same. In perfect competition there are not barriers to entry and exit. Finally with the monopoly and the perfect competition there is perfect knowledge and also there is profit maximisation. Monopoly in economic terms is where you have only one company running the industry of the same product. For instance, "Microsoft office" and "Windows". To achieve having monopoly in today's business world is a hard thing which requires a lot ...

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