What does the basic difference between pure competition and monopolies involve

Answer: In pure competition, the price of the product is equal to the marginal cost, while in the monopoly the price of the product is above the marginal cost

Explanation: Pure competition, or even as it is called perfect competition, implies that there are more producers on the market that produce the same product under the same conditions, there are no privileges in terms of some benefits, subsidies that are valid for someone and not for the others, are all equal in the opportunities. Products by all manufacturers must be identical in quality and all other parameters, and the prices of products of all manufacturers are the same, so that one producer has no advantage over others. Under such conditions, the prices of products are determined according to the law of demand, i. e. according to how many customers are willing to pay. Also, the price of goods and the quantity of goods is fixed, it does not change.

In contrast, the monopolist is the only producer on the market and he can, in his own way, form the price and all the other parameters, since there is no competition.

Pure competition may push you to work harder towards your business sense you have competition in a monopoly you own basically 99 percent of that industry that's a huge difference