The key difference between a competitive firm and a monopoly firm is the ability to select the level of production.

Name: The key difference between a competitive firm and a monopoly firm is the ability to select the level of production.
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The key difference between a competitive firm and a monopoly firm is the ability to set prices. A competitive firm is a price taker, while a monopoly firm can influence prices due to lack of competition.

The Key Difference Between a Competitive Firm and a Monopoly