This document defines and describes different types of markets. It begins by defining a market as a place where buyers and sellers meet to exchange goods and services. The main types of markets discussed are perfect competition, monopoly, monopolistic competition, and oligopoly. For each market type, the key features that define it are provided, such as the number of buyers and sellers, product homogeneity, barriers to entry, and pricing behavior. Examples are also given for some of the market types.

1. Presented By Kishan Lal Sharma

2. It refers to a designate place where Buyers & Sellers meet for
exchange of goods & services .
Examples:- 1.Chandni chowk market
2.Kamla nagar market
But In geographic sense like Local market, District
Market etc.
In this there are two types of Markets :-
 Consumer Market
Industrial Market

3. 1.Commodity:-There cannot be a market without commodity
2.Buyers & Sellers:- Without Buyers & Sellers the sale purchase
activity cannot be conducted which is essential part of a market.
3.Close Contact:-There should contact & communication between
Buyers & Sellers.
4.Competition:-There should be some competition among Buyers &
Sellers of the commodity in a market.

4. Types of Markets
On the bases of four
points which was define by
economist
i.e
The
number of
Buyers &
Sellers of
the
commodity
The nature
of the
commodity
produce by
the sellers
Degree of
freedom in
the
movements
of goods &
factors of
productions
Knowledge
of the Buyers
& Sellers
regarding
prices in the
market

5. Perfect Competition :-
This competition exist when there are large numbers of Buyers & Sellers of a
homogeneous (same kind ) products and its price is determined by the forces of
demand & supply and no Sellers can change the price. In this any Buyers & Sellers can
purchase any commodity from any Sellers the prices quoted by them.
Features :-
Large number of Buyers & Sellers.
Homogeneuos Products.
Freedom of entry & exit.
Perfect knowledge of market.
Perfect mobility of fectors.

6. Ac & mr curve under perfect competition
Y
P
(AR=MR=D)
0 Q2 Q Q1 X

7. Features :-
Single Seller of the product.
No close substitutes.
Barriers to entry.
Restriction on competition.
Price Maker. Ex.Railways

8. Y
MR AR
0 X

9. Monopolistic competition is a market situation in which there are many
Sellers of a particular product but the product of each Seller is in some
way differentiated in the mind of consumer from the products of every
other Sellers.
Examples :- Textiles,
toothpaste,
T.V. etc.

10. Large number of Sellers.
Product Differentiation.
Freedom of entry or exit.
No price competition

11. It is an important form of imperfect competition.Oligipoly is often
described as ‘competition among the few’.
In other word ,when there are a few sellers in a market selling
homogeneous or diffrentiated product,oligopoly is said to exits
Example :- Cold Drinks Industry
Automobile Industry etc.

12. Features of Oligopoly
A few Sellers.
Interdependence.
Indeterminate Demand curve.
Importance of Advertising and Selling costs.
Group Behaviour .