Characteristics on which markets are distingushid
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The document discusses various market structures, including perfectly competitive, monopolistic competitive, monopoly, and oligopoly markets, highlighting their characteristics and differences. It describes the role of buyers and sellers in these markets and the nature of products involved, along with the control over pricing and barriers to entry. The content is supported by references to economic literature.
Characteristics on which markets are distingushid
- 2. JOBUSH MATHEW MBA SJCET – SCHOOL OF MANAGEMENT , PALAI
- 3. “A market is that mechanism by which buyers and sellers are brought together. It is not necessarily a fixed place. “ - J.L.Edwards
- 4. Market is any place where the sellers of a particular good or service can meet with the buyers of that goods and service where there is a potential for a transaction to take place.
- 5. Commodity Competition Area Existence of buyers and sellers
- 6. Basis of area… .International market . National market . Regional market . Local market
- 7. Perfectly competitive market Monopolistic competitive market Monopoly Oligopoly
- 8. Market in which there are large numbers of buyers and sellers of homogeneous products.
- 9. Large number of buyers and sellers Homogeneous products Free entry and exit No control over the price Perfect knowledge
- 10. Market in which there are many sellers of a commodity, but the product of each seller differs from each other.
- 11. Large number of buyers and sellers Free entry and exit of firms Product differentition Selling cost Some control over the price-price makers.
- 12. Market in which there is only one seller of a commodity.
- 13. Single seller and large number of buyers No close substitutes No difference between a firm and an industry Entry is difficult Producer is price maker- monopolist is a price maker
- 14. Market in which there is only one supplier and one buyer.
- 15. Market in which there are only a few sellers of a commodity.
- 16. Few sellers Homogeneous or Heterogeneous products Some control over the price Entry is possible but difficult Interdependence in decision making
- 17. Type of oligopoly Market in which there are only two sellers of the commodity
- 18. Two large producers Homogeneous as well as Heterogeneous Uncertainty Lack of demand curve
- 19. Characteristics Perfectly competitive Monopolistic competitive Monopoly Oligopoly Competitors Many Few to many No direct competitors Few Entry Easy Not Difficult Difficult Difficult but possible Nature of goods Homogeneous Heterogeneous No directly competing goods Homogeneous or Heterogeneous Control over price No Some Yes Some
- 20. Paul A Samuelson,Economics,2010,McGraw-Hill companies. R.K.Lekhi,Managerial economics,2012. Totalmbaguide.