QUESTION TO ANSWER-UPDATE Name: Professors Name: Course Code: Institution: Date Question to Answer-Update 1 Perfect Competition and Monopoly A perfect competition and monopoly give a representation of two extremes within the continuum of a market structure. As depicted in Table 1:1 below, in one extreme is perfect competition that represents an ultimate efficiency achieved within an industry that is bounded by extreme competition within no market controls. On the other extreme as depicted in the Table is Monopoly that gives a clear representation of inefficiency that is inhibited by a market that lacks competition and an extensive structure that controls the market. Table 1:1 Perfect Competition and Monopoly It is essential to determine the fact that a monopoly is a representation of a market structure that lacks a proper market control. As the only seller within a market, a monopolistic com