One major difference between monopoly and perfect competition is that?
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- A The perfect competitor is a price taker while the monopolist determines his own output
- B Homogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist
- C Sellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist
- D There is free entry and exist in perfect competition but no free exist in monopoly
Correct Answer: Option A
Explanation:
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