Write a short note on the various types of markets. Please friends help me
Answers
Answer:
short note on the various types of markets
The five major market system types are Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition and Monopsony.
Explanation:
here's your answer if you got the answer mark me as brainlist and drop some thanks and follow for more answers
Answer:
There are different kinds of markets namely; weekly market, shops, shopping complex or mall. The profit earned by different market varies. It depends on the type of investment made by seller and buying capacity of the customer. In present times, goods are also sold by online marketing and home delivery.
Economists identify four types of market structures: (1) perfect competition, (2) pure monopoly, (3) monopolistic competition, and (4) oligopoly.
PERFECT COMPETITION:
Perfect competition is a market system characterized by many different buyers and sellers. In the classic theoretical definition of perfect competition, there are an infinite number of buyers and sellers. With so many market players, it is impossible for any one participant to alter the prevailing price in the market. If they attempt to do so, buyers and sellers have infinite alternatives to pursue.
MONOPOLISTIC COMPETITION:
Monopolistic competition is a type of market system combining elements of a monopoly and perfect competition. Like a perfectly competitive market system, there are numerous competitors in the market. The difference is that each competitor is sufficiently differentiated from the others that some can charge greater prices than a perfectly competitive firm.
An example of monopolistic competition is the market for music. While there are many artists, each artist is different and is not perfectly substitutible with another artist.
MONOPOLY:
A monopoly is the exact opposite form of market system as perfect competition. In a pure monopoly, there is only one producer of a particular good or service, and generally no reasonable substitute. In such a market system, the monopolist is able to charge whatever price they wish due to the absence of competition, but their overall revenue will be limited by the ability or willingness of customers to pay their price
OPIGOMOLY:
An oligopoly is similar in many ways to a monopoly. The primary difference is that rather than having only one producer of a good or service, there are a handful of producers, or at least a handful of producers that make up a dominant majority of the production in the market system. While oligopolists do not have the same pricing power as monopolists, it is possible, without diligent government regulation, that oligopolists will collude with one another to set prices in the same way a monopolist would.
Hope it helps you.If yes then plz Mark my answer the brainliest answer.
If not then sorry.