compare two market structures: perfect competition and monopoly.

Characteristic: Perfect Competition Monopoly

How many producers in the market?

Is the firm / are the firms price-takers?

What does the firm's demand curve look like?

Is the firm's demand curve the same as its MR curve?

Are substitutes widely available?

Does the firm price at marginal cost?

Are existing firms protected by entry barriers?

Can firms maintain economic profits in the long-run?