ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -This describes the state of a market with respect to competition. This is a market form where no producer or consumer has the market power to influence prices. It is theoretical.

Detailed explanation-2: -In economics, market structure (also known as market form) describes the state of a market with respect to competition. Most market forms given below talk about a homogeneous product.

Detailed explanation-3: -A competitive market is a structure in which no single consumer or producer has the power to influence the market. Its response to supply and demand fluctuates with the supply curve, a representation of a product’s quantity.

Detailed explanation-4: -D. Perfect competition is a market structure in which there are a large number of informed buyers and sellers of a homogeneous product, with no obstacles to entry or exit of firms in the long run.

Detailed explanation-5: -In an oligopoly, there are a few firms, and each one knows who its rivals are. Examples of oligopolistic industries include airlines and automobile manufacturers.