What are the features of market?
Answers
Answer:
One commodity: ADVERTISEMENTS: ...
Area: In economics, market does not refer only to a fixed location. ...
Buyers and Sellers: ...
Perfect Competition: ...
Business relationship between Buyers and Sellers: ...
Perfect Knowledge of the Market: ...
One Price: ...
Sound Monetary System:
Answer:
Definitions: Given by American Marketing Association, Philip Kotler, W. J. Stanton, E. J, McCarthy, Prof. Jevons, Pyle, Chapman, Clark and Clark and Mitchell
Explanation:
The following are the essential features of market:
a. Group of buyers and sellers.
b. Effective competition between buyers and sellers.
c. One price for the commodity throughout the market.
ii. Imperfect Market – Imperfect market is a market which is not a perfect market. In this market we find some kind of maladjustment in demand and supply; buyers and sellers have no knowledge of other buyers and sellers.