Difference between pure competition and monopoly

Asked by maham237 @ 20/02/2021 in Business viewed by 345 People

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.

Answered by maham237 @ 20/02/2021

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.

Able, baker, and charles are engaged in the marketing to and enrollment of beneficiaries into medicare health plans. mr. able is an independent agent paid directly by a health plan. ms. baker is an independent agent paid through a field marketing organization (fmo). mr. charles is an independent agent paid for his work by a third-party marketing organization (tmo). how do the cms compensation rules apply to these three agents?

Asked by maham237 @ 13/01/2021 in Business viewed by 2755 persons

Difference between pure competition and monopoly

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