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Q3 Important differences exist between perfect competition and monopoly markets. Show your understanding of these differences by listing the following terms under the particular type of market structure. Enter appropriate number only: under the specic type of market. 6 marks 1 AR = MR: Price 2 Firm is a price Maker 3 Franchise barriers 4 Atomistic competition 5 Single seller 6 No close substitutes 7' Very large number of buyers and sellers 8 Horizontal demand curve 9 Upward sloping total revenue cme 10 Firm is a price taker 11 MR curve lies below the AR curve 12 Tremendous market power of the seller Perfect competition Monopoly