c3f239dc_Monopoly__Characteristic_or_Event
[Perfect Competition] Determined by demand and supply; each firm is a price taker. Price equals marginal cost. [Monopoly] The monopoly firm determines price; it is a price setter. Price is greater than marginal cost. [Characteristic or Event] 
Price
M a r k e t
D e m a n d a n d m a r g i n a l r e v e n u e c u r v e s
P r i c e
P r o f i t m a x i m i z a t i o n
P r o f i t
E f f i c i e n c y