Tom:Why can't sellers just set their own prices?Ms. Lee:In perfect competition, they can’t. There are too many sellers, and the products are the same. So, they’re price takers.Tom:What about monopolies?Ms. Lee:A monopoly is the only seller. It has the power to set the price — it’s a price maker.Tom:So one follows the price, the other controls it?Ms. Lee:Exactly!