Compare and contrast the long-run equilibrium positions which prevail in a pure monopoly and perfectly competitive industry.
1. Essay format: introduction, main body and conclusion
2. Clarifying and using definitions
3. Assumptions perfect competitive: money buyers money sellers; monopoly: a single supplier
4. Diagrams with explanations
5. Referencing three sources one of them is course text book.
6. Bibliography at the end of essay
7. Answer the question in your words
8. 1000 words