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Which of the following best states the main difference between a monopoly and pure competition?

  • Question 16c of 25 - Market structures

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of the following best states the main difference between a monopoly and pure competition?
  • Answers:
  1. A monopoly involves no competition at all while pure competition involves a high level of competition.
  2. A market structure with pure competition is much easier to establish than a monopoly.
  3. Both monopolies and pure competition involve multiple sellers with undifferentiated products.
  4. A monopoly is only possible in a mixed economy while pure competition is only possible in a freemarket system.

The correct answer is: A monopoly involves no competition at all while pure competition involves a high level of competition. Monopoly and pure competition are two opposite

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