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Answer:
Difference between monopoly and monopolistic competition:
participate in markets where barriers to entry are present.
Difference between monopolistic competition and perfect competition:
differentiate their products
Difference between monopolistic competition and oligopoly:
Face competition from many other firms
Within walking distance from your home, there are a plethora of fast-food restaurants including Koala Express, Cabo Bob's Burritos, Oodles of Noodles, and Hanz's Hearty Hamburgers
Explanation:
A monopoly is when there's only one firm operating in the industry. There are usually high barriers to entry or exit of firms into the industry. The monopoly sets market price and earns economic profit in the long run and short run.
A perfect competition is characterised by many buyers and sellers of homogenous goods and services produced. There are no barriers to entry and exit of firms into the industry. Market price are set by the forces of demand and supply. In the long run, the seller makes zero economic profit.
A monopolistic competition has features of a monopoly and perfect competition. The market is characterised by many buyers and sellers of differentiated goods. Sellers set the market price for their goods. Sellers usually engage in non price competition.
An oligopoly is characterised by few large firms. There are high barriers to entry and exit of firms.
Farmers grow navel oranges throughout the United States is an example of perfect competition
Sprint, AT&T, Verizon, and T-Mobile own a large portion of the U.S. cellular market share. - this is an example of an oligopoly
The local gas company owns all of the gas lines that supply natural gas and heating to the residents in the town of Madison, Wisconsin.- this is an example of A monopoly
I hope my answer helps you
