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Markets (Perfect Competition (All firms produce homogeneous products,…
Markets
Perfect Competition
All firms produce homogeneous products
Perfect knowledge about market and tech
Large no. of buyers and sellers
Freedom of entry and exit
Monopolistic Competition
Freedom of entry and exit
Selling cost
Firms produce differentiated products
Large no. of buyers and sellers
Oligopoly
Non-price competition (Price Rigidity)
Barriers to entry of new firms
Firms are mutually dependent
Few Firms
Monopoly
No close substitutes
Barriers to entry of new frims
Single Seller