15. A monopoly firm is different from a perfectly competitive firm in that: A monopolist’s demand curve is perfectly inelastic whereas a perfectly competitive firm’s demand curve is perfectly elastic. There are many substitutes for a monopolist’s product whereas there are no substitutes for a competitive firm’s product. A monopolist can influence market price whereas a perfectly competitive firm cannot. A competitive firm has a u-shaped average cost curve whereas a monopolist does not.

15. A monopoly firm is different from a perfectly competitive firm in that:
A monopolist’s demand curve is perfectly inelastic whereas a perfectly competitive firm’s demand curve is perfectly elastic.
There are many substitutes for a monopolist’s product whereas there are no substitutes for a competitive firm’s product.
A monopolist can influence market price whereas a perfectly competitive firm cannot.
A competitive firm has a u-shaped average cost curve whereas a monopolist does not.

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