Types of market

Forms of market:-

In economics,market doesn't refers to any physical place,particular shop or a super market/.

In economics,

"Market refers to the whole region where buyers and sellers are in contact with each other to effect the demand and supply of the commodity.

*Types/forms of market:-

1. PERFECT COMPETITION.
2. MONOPOLIC COMPETITION.
3. OLIGOPOLY.
4. MONOPOLY. 

  PERFECT COMPETITION:-

                                      It refers to a market condition where there are large number of buyer and seller dealing in a homogeneous product at a price fixed by the market.

FEATURES:-

• Homogeneous product
• free entry and exist
• Identical
• Perfect knowledge
• No advertising cost

MONOPOLY COMPETITION:-

                                       Only one seller selling his product with no close substitute  and strong barriers to entry.

FEATURES:-

• One seller and large number of buyers.
• No close substitute of the product.
• restriction in entry.
• Price Discrimination.

OLIGOPOLY  MARKET:-

Only few seller selling homogeneous or differentiated product.

FEATURES:-

• Few firms
• Interdependence
• Selling cost
• Barriers of entries
• Non price competition.
• Nature of product

MONOPOLISTIC COMPETITION:-

Large number of buyers and sellers selling similar but differentiated products,that are class substitute of each other.

FEATURES:-

• Large number of buyers and sellers.
• selling cost
• Free entry and exit
• Lack of knowledge
• Price differentiation.
• Price controlling.
• Non price competition.