Explain why the level of profit differs between perfect competition and monopoly: ESSAY PLAN

1. Introduction:
a. monopoly – definition
b. Perfect competition – definition
c. Profit definition
2. The content
a. Monopoly – bigger profit – the economies of scale
b. Monopoly bigger profit - the amount of good on the market equals the amount supplied by the economist, so abnormal profit
c. In perfect competition there is no abnormal profit in the long term, because if there was any other companies would jump into the market
3. Summary
a. There is more profit when you are a monopolist