Short Answer Questions · Q4
Q.Distinguish between perfect competition and monopoly on the basis of
(i) number of sellers,
(ii) nature of product, and
(iii) shape of the AR curve.
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Start your 14-day free trial to unlock the full solution →| Basis | Perfect Competition | Monopoly |
|---|---|---|
| (i) Number of sellers | Very large number of sellers | A single seller |
| (ii) Nature of product | Homogeneous — identical goods | One product with no close substitute |
| (iii) Shape of AR curve | Horizontal (perfectly elastic); | Downward sloping; MR lies below AR |
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