Question

define market system. name the different types of market​

Answer 1

Answer:

A market system is the network of buyers, sellers and other actors that come together to trade in a given product or service. The participants in a market system include: Direct market players such as producers, buyers, and consumers who drive economic activity in the market.

The five major market system types are Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition and Monopsony.

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