| There is large number of buyers and large number of sellers (i.e. firms in industry). | Only singer seller is available, no difference between firm and industry. | There is large number of buyers and sellers (i.e. firms in industry). |
| Firms can freely enter and exit the market. | There are strong barriers to entry. | Firms can freely enter and exit the market. |
| Firms are price takers. | Monopoly is a price maker (full control over price). | Some control over price. |
| Homogeneous (identical) products are available in perfect competition which are perfect substitutes. | No close substitutes. | Differentiated products which are close substitutes, but not perfect substitutes. |
| As the name suggest, perfect competition, Competition among firms is perfect. | No competition. | Imperfect competition. |
| In such type of market, price is equal to marginal cost. | In monopoly, price is higher than marginal cost. | In this market, price is higher than marginal cost. |
| There is Infinitely elastic demand curve is seen in perfect competition. | There is downward sloping and highly inelastic demand curve in monopoly. | There is downward sloping and more elastic demand curve in monopolistic competition. |
| Under perfect competition, MR and AR represented by the same curve. | Under monopoly, MR starts at the same point as AR. | Under monopolistic competition, MR starts at the same point as AR. |
| There is no supernormal profits in the long run. | There is supernormal profits both in the short run and long run. | There is no supernormal profits in the long run. |
| There is no consumer exploitation. | consumers can be exploited. | Consumers are influenced through competition i.e. price and non price. |