Give a brief account of types of market with their special features.
Write in 100-120 words
Answers
Answer:
In market economies, there are a variety of different market systems that exist, depending on the industry and the companies within that industry. ... The five major market system types are Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition and Monopsony.
Perfect Competition
The products on the market are homogeneous, i.e. they are completely identical
All firms only have the motive of profit maximization
There is free entry and exit from the market, i.e. there are no barriers
And there is no concept of consumer preference
Monopolistic Competition
This is a more realistic scenario that actually occurs in the real world. In monopolistic competition, there are still a large number of buyers as well as sellers. But they all do not sell homogeneous products. The products are similar but all sellers sell slightly differentiated products.
Oligopoly
In an oligopoly, there are only a few firms in the market. While there is no clarity about the number of firms, 3-5 dominant firms are considered the norm. So in the case of an oligopoly, the buyers are far greater than the sellers.
Monopoly
In a monopoly type of market structure, there is only one seller, so a single firm will control the entire market. It can set any price it wishes since it has all the market power. Consumers do not have any alternative and must pay the price set by the seller.
Answer:
Sir Michael O'Dwyer
In India, of course, Udham Singh's story is national folklore. To avenge the Jallianwala Bagh massacre of 1919, Singh – the “patient assassin” – plotted for over twenty years and on March 13, 1940, he shot dead the former Lieutenant Governor of the Punjab, Sir Michael O'Dwyer, at Caxton Hall.