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Perfect competition market is a market system where there are lots of sellers and lots of purchasers for the same product. Examples from the real world are quite uncommon and include several agricultural goods.
Give a brief account on market structure.
Market structure describes how distinct industries are grouped and distinguished based on the intensity and type of competition they experience for goods and services. Perfect competition, oligopolistic markets, monopolistic markets, and monopolistic competition are its four subtypes.
The following are examples of different market structures:
- Monopolistic competition, sometimes referred to as a competitive market, is present when there are many businesses, each with a limited part of the market and marginally distinct products.
- Oligopoly is a market structure where a small number of companies collectively hold the majority of the market share.
- Duopoly, a unique instance of an oligopoly with two businesses.
- Monopsony is a situation where there is just one consumer in a market.
- Oligopsony is a market in which numerous vendors may be present but only a few buyers may be present.
- Monopoly, which occurs when there is only one supplier of a good or service.
- A natural monopoly is one in which economies of scale cause efficiency to continuously rise with the firm's size. A company is considered to have a natural monopoly if it can meet all market demands more affordably than any combination of two or more smaller, more specialized enterprises.
- A theoretical market structure called perfect competition has no entry barriers, an infinite number of producers and consumers, and a completely elastic demand curve.
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