The major difference is that; a perfectly competitive firm produces has the choice to dictate the number of products to make, whereas a monopoly system has market power.
What is the difference between perfectly competitive firm and a monopoly system.
Perfectly competitive producers are those who can determine how the number of products to be made but not the price at which their output may be sold.
However, a monopolistic system has the power to dictate the price because there is only one producer and numerous customers. Hence, they possess a high market power than the perfectly competitive producers.
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