Question1:-
In your daily life from
where you get goods?
Question1:-
In your daily life from where you
get goods?
Answer1:- market is the place we
go to get goods.
Question1:-
In your daily life from where you
get goods?
Answer1:- market is the place we
go to get goods.
Question2:-
Name the different types of
market?
Question1:-
In your daily life from where you get goods?
Answer1:- market is the place we go to get
goods.
Question2:-
Name the different types of market?
Answer2:-fruit shop ,vegetable shop etc.
Question1:-
In your daily life from where you get goods?
Answer1:- market is the place we go to get
goods.
Question2:-
Name the different types of market?
Answer2:-fruit shop ,vegetable shop etc.
Question3:-in which forms fruit shop are
categoried ?
Question1:-
In your daily life from where you get goods?
Answer1:- market is the place we go to get
goods.
Question2:-
Name the different types of market?
Answer2:-fruit shop ,vegetable shop etc.
Question3:-in which forms fruit shop are
categoried ?
Answer:-Forms of market
Forms of market
Question :- Where
reasonable price are
available in the market ?
MEANING OF MARKET
Market refers to the whole region where
buyers and seller of a commodity are in
contact with each other to effect
purchase and sale of the commodity.
According to economists, “A market is
the process by which the prices of goods
and services are established”
Meaning and basic for classifying market
structure.
Market structure refers to number and types
of firms operating in the industry. The main
factors:-
1.Number of buyers and sellers 2.Nature of
commodity 3.Freedom of movement of
firms 4.Knowledge of market condition
5.Mobility of goods and factors of
production
Perfect competition
The market form where there are many
firms that sell a certain homogeneous
product.
A single firm can not influence the market
price.
It is a hypothetical situation; it cannot
exist in real case scenario.
Question
:- In which form large
no. of sellers and buyer
engaged in the market ?
Imperfect competition
1. Monopolistic competition
A market situation where we find a large number of
buyers and sellers.
Sell products that are differentiated from one
another e.g branding or quality and hence are not
perfect substitutes.
A firm takes the prices charged by its rivals as given
and ignores the impact of its own prices on the
prices of other firms.
QuestionIn which market form
:-
of market perfect substitutes
are not available ?
2. Oligopoly competition
A state of limited competition, in which a market is
shared by a small number of producers or sellers.
There are few firms in the market, producing wither
an identical product or differentiated but the close
substitutes goods.
Oligopoly is derived from the Greek words “oligos”
which means a few and “pollen” which means to
sell.
what are the types
Question:-
of imperfect market?
Monopoly competition
A market situation where there exists a
single seller selling such a good which has
no close substitutes.
They are the PRICE SETTERS.
A single seller exists for a product. i.e. 100%
of market share.
Question:- Give one
example of monopoly market?
Features of different forms of market
Features Perfect competition
Large number of buyers and sellers.
Freedom of Entry and Exit; this will require
low sunk costs.
All firms produce an identical or
homogenous product.
All firms are price takers, Therefore firm’s
demand curve is perfectly elastic.
There is perfect information and
knowledge.
Question:-In which form of
market there is freedom of
entry and exist?
Features Monopolistic
competition
Product differentiation.
Many firms.
No entry and exit cost in the long run.
Independent decision making.
Some degree of market power
Buyers and Sellers do not have perfect
information (incomplete information).
Question:-which type of
decision making in
monopolistic market?
Features Oligopoly
competition
Profit Maximization conditions.
Ability to set price.
Entry and Exit.
Number of firms.
Long run profits.
Product differentiation.
Perfect Knowledge.
Non-price competition.
Question:-in oligopoly
forms of market which
type of profit occurs?
A)long run
B)short run
Features Monopoly
competition
Single seller.
Large number of buyers.
No close substitutes .
Price discrimination .
No selling costs .
Relatively inelastic demand curve.
No free entry and exit of firms.
Question:-Monopoly
market is suitable for
seller or buyer ?
DHA /ASSIGNMENT:-
Write down the concept
of perfect market ? 5marks
