A market is a place where buyers and sellers exchange goods and services. There are physical markets like stores and virtual markets like e-commerce sites. The four main types of market structures are perfect competition, monopoly, oligopoly, and monopolistic competition. Perfect competition describes a theoretical market with many small sellers offering identical goods. Monopoly occurs when one seller dominates the market. Oligopoly is when a small number of large firms control most of the sales in an industry. Monopolistic competition involves many sellers offering differentiated but substitutable products.

1. LEARNING OUTCOME -9
Market
and
its types

2. A market is a place where
buyer and sellers can meet to
facilitate the exchange or
transaction of good and
service. Markets can be
physical like a retail outlet, or
virtual like an e-retailer. Other
example include the illegal
markets, auction market, and
financial markets.

3. The four type of market structures.
Perfect Competition:
Monopoly:
Oligopoly:
Monopolistic competition:

4. Perfect competition is an economic term that
refers to a theoretical market structure in which
all suppliers are equal and aggregate supply and
demand are in equilibrium.
FOR EXAMPLE :
Farmers’ markets: The average farmers’ market
is perhaps the closest real-life example to perfect
competition. Small producers sell nearly identical
product for very similar prices. The entry and exit
of some vendor does not change the overall
marketplace, and the prices and product
information is clear and fairly uniform.

5. Monopoly is the market condition where
a single supplier dominates the market
for a given product. In other words, you
can only buy a product from one
company. No other company competes
with them in that space.
FOR EXAMPLE :
Google has become a household name and
whenever we don’t know any answer,
probably googling is the answer. The
biggest web searcher with their secret
algorithm control more than 70% market
share. The company has grown into a web
of services interlinked like maps, Gmail,
search engine, etc.

6. Oligopoly arises when a small
number of larger firms have all
or most of the sales in an
industry.
FOR EXAMPLE :
Oligopoly abound and include the
auto industry, cable television,
and commercial air travel.

7. Monopolistic competition refers to
a market structure in which a lager
number of sellers sell
differentiated product, which are
substitutes of one another.
FOR EXAMPLE :
Clothing stores : Another example of
a large number of firms competition
for market share, general clothing
stores offer differentiated products
that are typically very similar.