When we discuss about market structures we have four structures in total. They are :
1) Perfect Competition
2) Monopolic Competition
3) Oligopoly Competition
4) Monoply Competition
1)Perfect Competition: Here this market produces similar products at market prices. Freedom to entry into this market is unrestricted. The products are many here. Demand curve is horizontal which is faced by firm.
Example: Tomatoes, Sweet corn
2) Monopolic Competition: Here this market produces Heterogenous products which is also called as differentiated products in large quantity. The freedom to entry in the market is unrestricted. The curve of this is downward sloping but relatively elastic.
Example : Hotels
3) Oligopoly Competition: Here the market produces undifferntiated products where the number of items were very few and in this market the freedom to entry into the market is restricted. The curve is downwards sloping which is relatively inelastic( shapes depends on the reactions of rivals).
Example: Washing machines, Refrigerators
4) Monopoly Competition : Here the market produces only one product where the freedom to entry into the market is restricted or completely blocked due to the competition. Nature of the product is very unique when compared with other markets. The curve that which we get here is downward sloping which is more inelastic than oligipoly competition. This firm has considerable control over price.
Example: Local water
1) Perfect Competition
2) Monopolic Competition
3) Oligopoly Competition
4) Monoply Competition
1)Perfect Competition: Here this market produces similar products at market prices. Freedom to entry into this market is unrestricted. The products are many here. Demand curve is horizontal which is faced by firm.
Example: Tomatoes, Sweet corn
2) Monopolic Competition: Here this market produces Heterogenous products which is also called as differentiated products in large quantity. The freedom to entry in the market is unrestricted. The curve of this is downward sloping but relatively elastic.
Example : Hotels
3) Oligopoly Competition: Here the market produces undifferntiated products where the number of items were very few and in this market the freedom to entry into the market is restricted. The curve is downwards sloping which is relatively inelastic( shapes depends on the reactions of rivals).
Example: Washing machines, Refrigerators
4) Monopoly Competition : Here the market produces only one product where the freedom to entry into the market is restricted or completely blocked due to the competition. Nature of the product is very unique when compared with other markets. The curve that which we get here is downward sloping which is more inelastic than oligipoly competition. This firm has considerable control over price.
Example: Local water
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