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ALTERNATIVE MARKETS (PERFECT COMPETITION (MANY SELLERS, MANY BUYERS, FREE…
ALTERNATIVE MARKETS
PERFECT COMPETITION
MANY SELLERS
MANY BUYERS
FREE ENTRY AND EXIT OF FIRMS
PRODUCERS AND CONSUMERS HAVE PERFECT KNOWLEDGE
HOMOGENEOUS PRODUCTS ARE SOLD
NO SINGLE SELLER OR BUYER CAN INFLUENCE THE MARKET PRICE
MONOPOLY
ONE SELLER
MANY BUYERS
PRODUCTS WITH NO CLOSE SUBSTITUTES
RESTRICTION ON FREE ENTRY AND EXIT OF FIRMS
SELLER CAN CONTROL THE MARKET PRICE
MONPOLISTIC COMPETITION
MANY SELLERS
MANY BUYERS
FREE ENTRY AND EXIT OF FIRMS
EACH SELLER CAN INFLUENCE MARKET PRICE TO SOME EXTENT
SELLING COSTS PLAY AND IMPORTANT ROLE
DIFFERENTIATED PRODUCTS ARE SOLD
MONOPSONY
MANY SELLERS
MANY BUYERS
BUYER CAN INFLUENCE MARKET PRICE