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What is the difference between monopoly and perfect competition?
Monopoly versus Perfect Competition:
1. Perfect competition is equal to monopoly competition, at the perfectly competitive firm's profit-maximizing quantity of output
2. Perfect competition is greater than to monopoly revenue and equal to monopoly competition, at the monopolist's profit-maximizing quantity of output.
Compared long with a competitive industry, a monopolist does the given below:
factors affecting demand forecasting
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Factor combination in the long run In the long run it is possible to vary all factors of production. The firm is therefore restricted in its activities by the law of diminish
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