The comparison between perfect competition and Monopoly Equilibrium. Part-1

In this video I will explain comparison between perfect competition and Monopoly Equilibrium. The price and output determination under conditions of perfect competition and Monopoly have some similarities as well as differences. Similarities: 1- Aim of both firms is to earn maximum profit. 2- Equilibrium condition is the same for both i.e. MC=MR 3- Price is determined by the interaction of market Supply & Demand. 4- Cost Curves are same in the Short-run. Differences : 1- In monopoly a single firm can fix the price i.e price-maker while under perfect competition a single firm is only price-taker. 2- Demand Curve Or Average Revenue Curve. 3- Average Cost Curve in the long- run. 4- loss in the short- run.