Demonstrate your understanding of how supply and demand differ between monopolies and perfectly competitive markets and how these two markets determine the quantity supplied and market prices. Provide explanations of how the price effect and the quantity effect cause marginal revenue to be different from the price.

Monopolies and competitive markets

In this assignment, you will demonstrate your understanding of how supply and demand differ between monopolies and perfectly competitive markets and how these two markets determine the quantity supplied and market prices. You will also provide explanations of how the price effect and the quantity effect cause marginal revenue to be different from the price. Finally, you will demonstrate your understanding of the impact of different government price regulations on monopolies.