MANAGEMENT

Detailed explanation-1: -Over-the-counter markets do not have physical locations; instead, trading is conducted electronically. This is very different from an auction market system. In an OTC market, dealers act as market-makers by quoting prices at which they will buy and sell a security, currency, or other financial products.

Detailed explanation-2: -Physical and Virtual Markets Or they may be virtual. Internet-based stores and auction sites such as Amazon and eBay are examples of markets where transactions can take place entirely online and the parties involved never connect physically.

Detailed explanation-3: -A market is also not restricted to one physical or geographical location. It covers a general wide area and the demand and supply forces of the region. There must be a group of buyers and sellers of the commodity to constitute a market. And the relations between these sellers and buyers must be business relations.

Detailed explanation-4: -Summary. Long-run equilibrium in perfectly competitive markets meets two important conditions: allocative efficiency and productive efficiency.

Detailed explanation-5: -The four popular types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition. Market structures show the relations between sellers and other sellers, sellers to buyers, or more.