How is Monopoly different from that under Perfect Competition? Explain the long run equilibrium under Monopoly.

In introductory microeconomics, understanding the distinction between monopoly and perfect competition is fundamental to grasping how different market structures affect pricing, output, and efficiency. 

Differences Between Monopoly and Perfect Competition:

1. Market Structure:
   - Perfect Competition: Characterized by a large number of small firms, each of which is a price taker. This means no single firm can influence the market price; instead, firms accept the market price as given. Products are homogeneous, and there are no barriers to entry or exit.
   - Monopoly: In contrast, a monopoly exists when there is only one firm in the market that controls the entire supply of a product or ____ ____ _______ __________ __________ _______ ____ ____ _______.
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