Question

Expla
Classify the market according to competition. 6​

Answer 1

Answer:

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Explanation:

Broadly, a market is classified into product market where goods are transacted, and a factor market where inputs are bought and sold. A goods market exists for both durable and nondurable and perishable goods. A. According to the extent of area covered, a market is classified into local, national, and international.

Answer 2

Types of Market Structures

A variety of market structures will characterize an economy. Such market structures essentially refer to the degree of competition in a market.

There are other determinants of market structures such as the nature of the goods and products, the number of sellers, number of consumers, the nature of the product or service, economies of scale etc. We will discuss the four basic types of market structures in any economy.

One thing to remember is that not all these types of market structures actually exist. Some of them are just theoretical concepts. But they help us understand the principles behind the classification of market structures.