JAMB - Economics (1986 - No. 20)
One major difference between monopoly and perfect competition is that?
the perfect competitor is a price taker while the monopolist determines his own output
homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist
sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist
there is free entry and exist in perfect competition but no free exist in monopoly