TYPES OF MARKET SYSTEM PERFECT COMPETITION There are large number of buyers and sellers in this market. There are no barriers to entry on exit in this type of market. The products are identical.
MONOPOLISTIC COMPETITION These are the type of market where there are a large number of competitors but are are different from each other.
MONOPOLY In Monopoly, there is only one person or entity providing the specific commodity. It means only one person is there that produces particular goods or service without any other subsitude.
OLIGOPOLY Oligopoly is the market which is dominated by small sellers of large sellers. In this market there are only small number of firms or unit.
MONOPSONY In Monopsony, there is only one buyer as in a firm, who controls the market. It is the sole buyer of the goods and services in the entire market.
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