In a "Perfect Competition" there are many firms that sell a product. Most likely it is a single product that they sell, competeing against eachother. They allow people to come in and out of the market very easily.In a "Monopoly" there is a single seller, he decides who he wants to sell it to and at what price he wishes to sell it at. There is usually one unique product that they sell. Though there are lots of products out there, there are some that inventors are not willing to share.For example, the Uplight, the Uplight is a light that runs on batteries. They are great for emergencies and blackouts. However, this new product is very useful and hand, but there is a patent on it. This means that no one else is allowed to come out iwth a different mokel of the Uplight. This is an examply of a monopoly....
