CS Foundation Business Economies Forms of Market
In market economies, there are a variety of different market systems that exist, depending on the industry and the companies within that industry. It is important for small business owners to understand what type of market system they are operating in when making pricing and production decisions, or when determining whether to enter or leave a particular industry.
A perfectly competitive market is a hypothetical market where competition is at its greatest possible level. Neo-classical economists argued that perfect competition would produce the best possible outcomes for consumers and society.
Perfect Competition Market is a hypothetical market structure wherein every seller takes the market prices as the price of his own product; firms are incapable of influencing the market price either by acting singly or in a group.
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In a Monopoly Market Structure, there is only firm prevailing in a particular industry.
Monopolistic Competition refers to the market situation in which there is a keen competition, but neither perfect nor pure, among a group of a large number of small producers or suppliers having some degree of monopoly because of the differentiation of their products. Thus, we can say that monopolistic competition (or imperfect competition) is a mixture of competition and a certain degree of monopoly, on the basis of a correct appraisal of the market situation.
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Learn more important topic Central Problems of an Economy of CS Foundation.
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