D. Answer the following questions in brief.
1. Define a market. Name different kinds of markets.
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Answer:
A market is a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities.
Broadly there are two classifications of markets – the product market and the factor market.
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A regular gathering of people for the purchase and sale of provisions, livestock, and other commodities.
→Different Kinds :
→There are four basic types of market structures:
→Pure Competition. Pure or perfect competition is a market structure defined by a large number of small firms competing against each other. ...
→Monopolistic Competition. ...
→Oligopoly. ...
→Pure Monopoly.
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