Question

what is a market? what are the different types of market? discuss in detail​

Answer 1

Answer:

A market is one of a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers.

The five major market system types are :

Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition and Monopsony.