Think about the world around you. Give an example of a perfectly-competitive firm and an example of a monopoly (or a firm with monopoly power). Answer the questions below for both perfect competition and monopoly to explain how/why it is considered so. To receive full credit, use definitions and information posted to the course in your response. 1. Barriers to entry - how do barriers to entry separate perfect competition and monopoly? 1. Perfect competition - Using the firm identified, list an example of a low barrier to . entry. 2. Monopoly - Using the firm identified, list an example of a high barrier to entry. 2. Market characteristics 1. Perfect competition - Using the firm identified, list an example of a competitive market characteristic. 2. Monopoly - Using the firm identified, list an example of a monopoly market characteristic