Discuss the differences between perfect competitive market and monopoly market

Perfect competitive market		Monopoly market
(i) A fair, direct competition between buyers and buyers: sellers and sells; and finally between buyers and sellers.		(i) Extreme Market situation, where there is only one seller, He has no competition and also controls supply and price.
(ii) Large number of buyers and sellers, hence no sellers or buyers can alter the price in the market.		(ii) Only one seller and practically all buyers depend on him. Hence he has absolute control over the market.
(iii) Supply comes from large numbers of sellers individual supply is negligible.	(iii) Supply from only one seller, hence absolute control over supply.
(iv) Demand is perfectly elastic. Demand curve is a horizontal straight line.	(iv) Demand in inelastic. Demand curve slopes downward.
(v) Pure and perfect competition in price.	(v) No competition at all. No price or product competition.
(vi) Normal price P=MR=MC	(vi) Higher price higher than all competition price P>MR=MC
(vii) Large output fix by MR=MC	(vi) Small output fixed by the sole seller
(viii) Normal profit realized by price competition.	(viii) Excess profit monopoly gain.
(ix) Application: Quite unreal	(ix) Application: Pure monopoly is rear but element of monopoly are there in markets.