Headahh4595 Headahh4595
  • 21-11-2019
  • Business
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Market classification according to number and size of firms. identify and define this classifications

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jepessoa
jepessoa jepessoa
  • 22-11-2019

Answer:

There are 5 major market types:

  1. Perfect competition: a lot of sellers and buyers, homogeneous products are sold and everybody is a price taker.  
  2. Monopoly: only one producer that sells one particular type of product.
  3. Oligopoly: very similar to a monopoly, but instead of one single seller there are a few limited number of sellers.  
  4. Monopolistic competition: a lot of sellers that offer differentiated products.  
  5. Monopsony: several sellers but only one buyer.
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