Pure competition is a market situation in which there are too many small buyers and sellers, each with the complete market information no single buyer or seller controls market demand, market supply or price. The product is homogenous i.e., each seller markets the same product. It is easy to enter or leave this type of market. This type of competition is rare.
Monopolistic Competition there are many buyers and sellers but they lack the complete information. Each seller attempts to gain a differential advantage over its competitors.
An oligopoly is a market structure where there are only a few large sellers, marketing essentially similar products, accounts for all or almost all of an industry's sales.
A monopoly is a market structure in which only one firm is marketing a particular produt or service and there are no close substitutes. While planning the pricing strategies each seller must consider the possible reactions of the competitors.
Table PR III: characteristics of competitive market structure
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