4. There are large number of buyers
and sellers of the product.
The products of the firms must be
homogenous.
5. Perfect knowledge of the market with both buyers
and sellers..
Perfect mobility of consumers and goods
There is no transport cost.
No obstacles exist against the entry and exist of
the firms.
7. A market structure characterized by
a single seller, selling a unique
product in the market. In a monopoly
market, the seller faces no
competition, as he is the sole seller of
goods with no close substitute
8. Monopolistic competition is a type of
imperfect competition such that many
producers sell products that are
differentiated from one another and hence
are not perfect substitutes. ... In the presence
of coercive
government, monopolistic competition will
fall into government-granted monopoly.
9. An oligopoly is a market structure in
which a few firms dominate. When
a market is shared between a few firms,
it is said to be highly concentrated.
Although only a few firms dominate, it is
possible that many small firms may also
operate in the market.