Perfect competition involves many small firms selling identical products, while a monopoly is characterized by a single firm dominating the market.
Perfect competition is a market structure with many small firms selling identical products where no single firm has market control, such as farmers in a local market. On the other hand, a monopoly is a market structure where a single firm dominates the entire market, like Microsoft in the operating system market.
https://brainly.com/question/30280211