ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -It consists of four types: perfect competition, oligopolistic markets, monopolistic markets, and monopolistic competition.

Detailed explanation-2: -Economic market structures can be grouped into four categories: perfect competition, monopolistic competition, oligopoly, and monopoly. The categories differ because of the following characteristics: The number of producers is many in perfect and monopolistic competition, few in oligopoly, and one in monopoly.

Detailed explanation-3: -The elements of Market Structure include the number and size of sellers, entry and exit barriers, nature of product, price, selling costs. Market structure can alter based on the new external factors, such as technology, consumer preferences and new entrants.

Detailed explanation-4: -The four popular types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition.

Detailed explanation-5: -A market economy is a system that is made up of a number of market systems. Market economy characteristics are presented as supply and demand, private ownership, exchange spaces, regulators, freedom of choice, and competition.