One major difference between monopoly and perfect competition is that?
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the perfect competitor is a price taker while the monopolist determines his own output
- homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist
- sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist
- there is free entry and exist in perfect competition but no free exist in monopoly