Final answer:
A monopolistic market has only one seller who has market power and can influence prices, distinguishing it from a perfectly competitive market, which has many buyers and sellers acting as price takers.
Step-by-step explanation:
A monopolistic market differs significantly from a perfectly competitive market. A perfectly competitive market is characterized by having many buyers and sellers selling identical products and acting as price takers due to the competition. In contrast, a monopoly represents one extreme of the competition spectrum where there is only one seller in the market, and this seller does not act as a price taker but rather has the power to influence market prices due to the lack of competition. Therefore, a monopolistic market involves only one seller. Monopolistic competition and oligopoly are different market structures that exist between the extremes of perfect competition and monopoly. Monopolistic competition consists of many firms selling similar but not identical products, while oligopoly involves a few firms selling identical or similar products.