describe the different types of market.
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markets are classified based upon time, area and competition .
time market is further divided into three types very short period, short period market and long period market .
area market for further subdivided into three types local market, national market and international market .
based upon competition markets are divided into two types perfect competition and in perfect competition .
imperfect competition is further broken down into Monopoly, monopolistic competition, oligopoly and duopoly .
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time market is further divided into three types very short period, short period market and long period market .
area market for further subdivided into three types local market, national market and international market .
based upon competition markets are divided into two types perfect competition and in perfect competition .
imperfect competition is further broken down into Monopoly, monopolistic competition, oligopoly and duopoly .
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There are four basic types of market structures: perfect competition, imperfect competition, oligopoly, and monopoly. Perfect competition describes a market structure, where a large number of small firms compete against each other with homogenous products.
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