Economic market

Four types Economics market

Perfect competitionMonopolyOligopolyMonopolistic competition

Perfect competition characteristic

1. A larger number buyer and seller2. Perfect information3. Homogenous products4. No barriers to entry5. Perfect barriers to mobility6. Profit maximization7. Rational buyer8. Examples mike, rice

Monopoly characteristic

1. Profit maximization2. Price maker3. High barriers to entry4. Price discrimination5. One seller a lots of buyer6. No homogenous product7. Example telephone ,railway ,electricity

Oligopoly characteristic

1. A few firms selling similar product2. Every firm products branded product3. Barriers to entry4. Higher competition5. Price maker6.Example television, Steel industry ,Aluminum , Film

Monopolistic characteristic

1. Every firm makes independent decision, about price and output2.No major barriers to entry and exit3.Knowledge is widely between participants4.Advertisement5.Firms are price maker6.Example toothpastes , toilet paper , lux