Monday, May 19, 2014

Comparison Between Various Types of Market



Perfect competition
Monopoly
Monopolistic Competition
Oligopoly
Many firms and numerous buyers
Single firm and many buyers
Large number of firms and large number of buyers
Few sellers and many buyers
Presence of competition
Absence of competition
Competition amongst monopolists
Competition among the few
Identical product
No close substitute
Similar but not identical products
Similar/identical products
Freedom of extry/exit
Entry debarred
Freedom of extry/exit
Blocked entry / threat to entry
Demand is perfectly elastic
Demand is inelastic
Demand is highly elastic
Indefinite demand
Independent decision- making
Total freedom is decision making
Independent decision making
Inter dependence decision making
Perfect knowledge
Imperfect knowledge
Imperfect knowledge
Imperfect knowledge
8. Price taker firms
Price maker firm
Competitive prices
Competitive prices
Profit maximizing firms
Profit maximizing firm
Profit maximizing firms
Sales maximization
No selling costs incurred
No need to incur SC
Selling costs important
SC more important
Single price
Price discrimination
Discrimination possible
Discrimination possible
Equilibrium with rising MC
Equilibrium with rising, falling and constant MC
Equilibrium when MR = MC
Equilibrium with kindly demand curve
Mass-behaviour
Individual behaviour
Individual and mass behaviour
Group behaviour
Unrealistic market structure
Realistic in nature
Exists in practice
Presently existing

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