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26 September, 10:40

Market classification according to number and size of firms. identify and define this classifications

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  1. 26 September, 14:28
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    There are 5 major market types:

    Perfect competition: a lot of sellers and buyers, homogeneous products are sold and everybody is a price taker. Monopoly: only one producer that sells one particular type of product. Oligopoly: very similar to a monopoly, but instead of one single seller there are a few limited number of sellers. Monopolistic competition: a lot of sellers that offer differentiated products. Monopsony: several sellers but only one buyer.
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