Explain different types of market.
Answers
Answer:
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The five major market system types are Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition and Monopsony.
Answer:
Market structures” refer to the different market characteristics that determine relations between sellers to each another, of sellers to buyers and more. There are several basic defining characteristics of a market structure, such as the following:
The commodity or item that’s sold and the extent of production differentiation.
The ease or difficulty of entering and exiting the market.
The distribution of market share for the largest firms.
The number of companies in the market.
The number of buyers and how they work with or against the sellers to dictate price and quantity.
The relationship between sellers.
Types of Market