This document defines different types of markets and provides examples of each. It begins by defining a market as a place where buyers and sellers can exchange goods and services, whether physical or virtual. It then outlines four main types of markets: perfect competition, where many small businesses sell identical products; monopolistic competition, where many similar substitutes are offered with low barriers to entry; monopoly, where one seller dominates; and oligopoly, where a small number of large firms control most of the sales. Examples are provided for each market type.

1. MARKET DEFINITION
A market is a place where buyers and
sellers can meet to facilitate the exchange
or transaction of goods and services.
Markets can be physical like a retail outlet ,
or virtual like an e-retailer. Other examples
include the illegal markets, auction markets
, and financial markets.

2. TYPES OF MARKETS
PERFECT COMPETITION
MONOPOLISTIC
COMPETITION
MONOPOLY
OLIGOPOLY

3. PERFECT COMPETITION
In economic theory, perfect competition
occurs when all companies sell identical
products ,market share does not influence
price, companies are able to enter or exit
without barrier, buyers have perfect or full
information, and companies cannot
determine prices.
Examples- Farmers markets for apples,
tomatoes
Street food markets in developing countries

4. MONOPOLISTIC COMPETITION
 Monopolistic competition characterizes an
industry in which many firms offer products
or services that are similar substitutes.
Barrier to entry and exit in a monopolistic
competitive industry are low, and the
decisions of any one firm do not directly
affect those of its competitions.
 Examples- Gas stations
 Clothing shops

5. MONOPOLY
• A monopoly is an economic
market structure where one
company or one seller dominates
with many buyers.
• Example - Railways
• The government provides public
services like the railways.

6. OLIGOPOLY
 Oligopoly arises when a small number of
large firms have all or most of the sales in
an industry.
 Examples of oligopoly abound and include
the auto industry, cable television, and
commercial air travel.

7. Name –Gurpreet Kaur
Unit -2
Trade – Marketing Executive
Chandigarh