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Different Forms Of Market
This document discusses different types of markets: 1) Perfect competition is characterized by many small firms and buyers selling homogeneous products with no barriers to entry. Price is determined by the industry. 2) Imperfect competition includes monopoly, monopolistic competition, and oligopoly. A monopoly has a single seller without substitutes and can influence price. Monopolistic competition has many sellers of differentiated products. Oligopoly has a few dominant firms producing homogeneous or differentiated goods.
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Different Forms Of Market
- 1. www.dezyneecole.com DEZYNE E’COLE COLLEGE By:Nikhar Tak BBA 2nd sem Different Forms of Market
- 2. Different Forms OfMarket Cournot Says “Economists point of view of market is different, it is not a specific place to sale and purchase, but it is an area where buyers and sellers may come in contact freely in such a manner so that price of one type of commodity tend to uniform easily and quickly”.
- 3. Types Of Markets Pureor Perfect Competition Imperfect Competition
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- 5. Pure OR PerfectCompetition • Boulding Says “Pure competition is that situation of market where many buyers and sellers are there for a commodity. Sellers sale uniform product at the same price. A firm is not in the position of determine the price it is to be determined by the industry”. D D S S
- 6. Features Of PerfectCompetition • Large No. of Firms or Sellers • Large No. of buyers • Homogenous Product • Perfect Knowledge • Free Entry &Exit of Firms • Perfect Mobility
- 7. Imperfect Competition –”monopoly” Koutsoyianissays “Monopoly is that market in which there one seller of a commodity, and there is no any substitute of that product produced by that firm, and entry of firms is restricted.”
- 8. Features of Monopoly •One seller and large no. of Buyers • Restrictions on the entry of the new firms • No close substitutes • Price control • Possibility of price Discrimination
- 9. Monopolistic Competition • Leftwitchsays- “Monopolistic Competition is that situation of market where product of a seller is different in the mind of a customer from the product of another seller.” ATC D MR MC
- 10. Features of Monopolistic Competition •Large no. of buyers and sellers • Product differentiation • Selling cost • More can be sold only at lower price
- 11. Oligopoly • In thismarket the number of seller are few and commodity may be homogenous or may not be homogenous. When some firms selling their commodities of homogenous nature then it Pure Oligopoly, as industries of cement, Aluminum, Iron and steel etc. • When there is difference in product in case of Oligopoly, that it is Differentiated Oligopoly.
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