ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -The elements of Market Structure include the number and size of sellers, entry and exit barriers, nature of product, price, selling costs.

Detailed explanation-3: -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-4: -There are four types of competition in a free market system: perfect competition, monopolistic competition, oligopoly, and monopoly. Under monopolistic competition, many sellers offer differentiated products-products that differ slightly but serve similar purposes.

Detailed explanation-5: -1] Perfect Competiton. In a perfect competition market structure, there are a large number of buyers and sellers. 2] Monopolistic Competition. This is a more realistic scenario that actually occurs in the real world. 3] Oligopoly. 4] Monopoly.