Business, 11.10.2019 10:30 mem81

Which best states the main difference between a monopoly and pure competition?

question 16 options:

a monopoly involves no competition at all while pure competition involves a high level of competition.

a market structure with pure competition is much easier to establish than a monopoly.

both monopolies and pure competition involve multiple sellers with undifferentiated products.

a monopoly is only possible in a mixed economy while pure competition is only possible in a free-market system.

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When you have a monopoly you have a product or service on the market with no competition. On the flip side, in a pure or perfect competition there are various competitors selling the same product or service as you. The main difference between these two are that a monopoly involves no competition at all while a pure competition involves a high level of competition. (the first choice)

The second choice is incorrect because it is harder to establish a product in a pure competition market because you are competing with other companies.

The third choice is incorrect because a monopoly refers to a company with a product or service and no competition whereas a pure competition refers to one with the same products or services.

The forth choice is incorrect because they can be present in various economy structures.

Answer from: Quest

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Answer from: Quest

answer; organization;

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Which best states the main difference between a monopoly and pure competition?

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