ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Market structure refers to the way that various industries are classified and differentiated in accordance with their degree and nature of competition for products and services. It consists of four types: perfect competition, oligopolistic markets, monopolistic markets, and monopolistic competition.

Detailed explanation-2: -Market structure refers to how different industries are classified and differentiated based on their degree and nature of competition for services and goods. The four popular types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition.

Detailed explanation-3: -A competitive market is a market structure where competition is at the highest possible level. It is otherwise known as a perfectly competitive market and possesses many buyers, homogenous products, free entry, exit, etc.

Detailed explanation-4: -Monopolistic competition is a type of market structure where many companies are present in an industry, and they produce similar but differentiated products. None of the companies enjoy a monopoly, and each company operates independently without regard to the actions of other companies.

Detailed explanation-5: -Factors that Determine Market Structure The number and relative size of firms supplying the product. The higher the number of firms, the higher the degree of competition. The degree of product differentiation. Pricing power of the sellers.