Answer:
What Are the Differences Between Monopolistic Markets and Perfect Competition?
In a monopolistic market, there is only one seller or producer of a good. Because there is no competition, this seller can charge any price they want (subject to buyers' demand) and establish barriers to entry to keep new companies out. On the other hand, perfectly competitive markets have several firms each competing with one another to sell their goods to buyers. In this case, prices are kept low through competition, and barriers to entry are low.