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Forms of Market - Coggle Diagram
Forms of Market
Monopolistic competition
Fairly large number of sellers
Fairly large number of buyers
Product differentiation
Product differentiation
Free entry and exit
Selling cost
Close substitutes
Concept of group
Monopoly
Single seller
No close substitute
Barriers to entry
Complete control over market supply
Price maker
Price discrimination
No distinction btwn firm and industry
Types of monopoly
Private monopoly
Public monopoly
Legal Monopoly
Natural monopoly
Simple monopoly
Discriminating monopoly
Voluntary monopoly
Oligopoly
Few firms or sellers
Advertising
Interdependence
Entry barriers
Lack of uniformity
Uncertainty
On the basis of time
Very Short Period
Short Period
Long Period
Very Long Period
On the basis of place
Local
National
International
On the basis of Competition
Perfect competition
Large number of buyers and sellers
Homogenous product
Free entry and exit
Single price
Perfect knowledge of market
Perfect mobility of factors of production
Absence of transport cost
No govn intervention
Imperfect competition
Monopolistic competition
Monopoly
Oligopoly