Market forms
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Transcript of Market forms
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Forms of Market
JITHIN K THOMAS
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Market
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Market
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Market
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Features of Market
• Commodity• Competition• Area• Existence of buyers and sellers• One price
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Classification of Markets
• Base on Area– Local market– Regional market– National Market– International
• Basis of time– Short period– Long period– Spot market
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On the Basis of Competition
MarketPerfectly
Competitive
Perfect Competition
Pure Competition
Imperfectly Competitive
Monopoly Duopoly Oligopoly Monopolist Competition Monopsony
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Perfect Competitive Market
• Features– Free and perfect competition– Large number of sellers– Large number of buyers– Homogenous Product– Free entry and exit– Perfect Knowledge– Perfect mobility of factors of production– Lack of transport cost– No selling cost
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Pure Competition
• Large number of sellers• Large number of buyers• Homogenous Product• Free entry and exit• Independent decision making
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Monopoly
• Single seller and large number of Buyers• No Close substitute• Firm is the Industry• Barriers on entry of new firms• Producer is price maker
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Duopoly
• Two large producers• Uncertainty • Homogeneous as well as differentiated
products• Moves and counter moves
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Monopolistic Competition
• Monopolistic Competition is found in the industry where there is a large number of small sellers selling differentiated but close substitute products.
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Monopolistic Competition
1. Large number of buyers and sellers2. Free entry and exit of firm3. Product differentiation4. Selling cost5. Lack of perfect knowledge6. Less mobility7. More elastic demand8. Non price competition9. Absence of collective action10. Price policy of a firm
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Oligopoly
• Few firms• Large number of customers• Monopoly Power• Interdependence of Firms• Price/ Non price competition• Nature of product
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Monopsony
• Only one buyer
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Bilateral Monopoly
• One buyer• One Seller
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Factors affecting the extent of Market
• Nature of demand• Durability• Portability• Grading• Adequate supply• Substitutes• Transportation and communication• Banking and credit facility• Peace and security• Govt. Policies
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