Attributes of perfect competition :

1. A large number of suppliers and customers acting independently.

2. Very little product differentiation (homogeneous products).

3. No barriers to entry because firms exert no influence over the market or price.

Assumptions and characteristics of Monopoly :

1. A single firm with a unique product.

2. Significant barriers to market entry.

3. The ability of the firm to set output and prices.

4. No substitute products.