Perfect Competition Monopoly 1. Buyers and sellers are numerous 2. Unique product with no close substitutes 3. Ease of entry 4. Normal profit in long run 5. Barriers to entry 6. Long run economic profits 7. Standardized product 8. One firm in the market 9. Perfect information 10. Perfectly elastic demand 11. Price greater than MC 12. Produce where MR = MC 13. Demand curve is also Marginal revenue curve 14. Marginal revenue curve below the demand curve 15. Demand tangent to ATC in long run equilibrium