Under Monopoly the market structure is represented by only a single seller which means there are high barriers as which makes it even difficult for new firms to enter the market (Layton, Robinson, Tucker, 2016, p. 188) Under perfect competition the market structure is represented by a lot of firms which means there are no barriers for a firm to enter the market (Layton, Robinson and Tucker, 2016, p. 160)Under Monopoly the type of product is unique which means that close substitutes don’t exist. (Layton, Robinson, Tucker, 2016. p.
189) In perfect competition all the firms are seen as producing a similar as well as a comparable product. The products/ services produced by all the firms are identical. (Layton, Robinson, Tucker, 2016, p.