Imperfect Competition:
Market with limited numbers of buyers and sellers comes under the imperfect competition. Imperfect competition are of 3 types as follows
1) Monopoly
2) Oligopoly
3) Monopolistic
1) Monopoly Competition:
Monopoly is a form of market in which single seller has the complete control over the price and the output of product. The product supplied will have no close substitute
Eg: Indian Railways
2) Oligopoly Competition:
Oligopoly is a from of market in which there are few producers. The product produced by them will have identifiable features where the decision of one firm effects the other firms.
Eg: Automoblie Industry
3) Monopolistic Competition;
Monopolistic is a from of market in which there are many sellers will sell the products which are highly differentiated.
Eg: Fmgc Industry
Market with limited numbers of buyers and sellers comes under the imperfect competition. Imperfect competition are of 3 types as follows
1) Monopoly
2) Oligopoly
3) Monopolistic
1) Monopoly Competition:
Monopoly is a form of market in which single seller has the complete control over the price and the output of product. The product supplied will have no close substitute
Eg: Indian Railways
2) Oligopoly Competition:
Oligopoly is a from of market in which there are few producers. The product produced by them will have identifiable features where the decision of one firm effects the other firms.
Eg: Automoblie Industry
3) Monopolistic Competition;
Monopolistic is a from of market in which there are many sellers will sell the products which are highly differentiated.
Eg: Fmgc Industry
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