Under Monopoly the market structure is represented by only a single seller and under monopoly there are high barriers as which makes it even difficult for new firms to enter the market

Under Monopoly the market structure is represented by only a single seller and under monopoly there are high barriers as which makes it even difficult for new firms to enter the market (Layton, Robinson, Tucker, 2016, p. 188) Under perfect competition the market structure is represented by a lot of firms and there are considered to be no restrictions which means a firm faces no barriers or threats to enter the market (Layton, Robinson and Tucker, 2016, p. 160)

Under Monopoly the type of product is unique which means that close substitutes don’t exist. (Layton, Robinson, Tucker, 2016. p. 189) In perfect competition all the firms are seen as producing a similar as well as a comparable product. In other words it can be said that the products/ services produced by all the firms are identical. (Layton, Robinson, Tucker, 2016, p. 159)