Market Types
Economics · बाजार के प्रकार · 12 facts
Perfect Competition: many sellers, identical products, free entry and exit
Monopoly: ONLY one seller controls entire market, no close substitutes
Oligopoly: few sellers dominate the market (e.g., telecom, airlines)
Duopoly: special case of oligopoly with exactly TWO sellers
Monopolistic Competition: many sellers, differentiated products (e.g., restaurants)
Monopsony: ONLY one buyer in the market (opposite of monopoly)
In perfect competition, firms are price-takers (cannot set own price)
In monopoly, the firm is a price-maker (sets its own price)
Cartel: agreement among oligopoly firms to fix prices or limit output
Natural Monopoly: one firm can serve entire market at lowest cost (e.g., railways)
Bilateral Monopoly: one buyer and one seller face each other
Mixed Economy: both public and private sectors coexist (India follows this)