Pricing & output: perfect competition and monopoly

Not all markets work the same way. In this lesson we meet the two ends of the scale: perfect competition, where a great many small firms sell identical products, and monopoly, where one giant firm sells alone. We learn why a firm in perfect competition is a price taker while a monopolist is a price maker, and what that means for prices, output and profit. Then we evaluate monopoly honestly — its dangers and its possible benefits — using real Namibian examples like NamPower and NamWater. By the end you can compare the two structures and judge which serves consumers better.