Market and its functions What is a Market? A market

Types of Market structure

1. What are the 5 Different Types of the Market Structures?

The five major market system types are Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition and Monopsony

2. What does the perfect competition market it mean?

Definition: Perfect competition describes a market structure where competition is at its greatest possible level. To make it more clear, a market which exhibits the following characteristics in its structure is said to show perfect competition: 1. Large number of buyers and sellers.

3. Is there a massive number of buyers and sellers? Why?

Perfect Competition : The number of buyers and sellers in the market is very large. ... Due to the large number, no buyer or seller influences the demand or supply in the market.

4. Who are the price takers in the Perfect market?

All economic participants are considered to be price-takers in a market of perfect competition or one in which all companies sell an identical product, there are no barriers to entry or exit, every company has a relatively small market share, and all buyers have full information of the market

5. What can you say about theoretical concept of this Market? markets. The body of theory concerned with how scarce Factors Production are allocated between the multitude of product markets in the economy More specifically the theory of markets is concerned with the determination of the prices and outputs of goods and services and the prices and usage of factors of production.

6. What is motto of this Market?

Significance. A business motto, or slogan, is a short, descriptive phrase about your company. It represents a set of beliefs, ideals or ethical stance that the company takes as a business entity. The motto could become part of your mission statement as a company and give your company direction and focus

7. What can you say about Monopolistic Competition?