Micro Economics

2. A place where buyer and seller are interact with
goods and services by selling and purchasing
at given price.

4. Perfect competition is a market structure where
many firms offer a homogeneous product.
Eg: agricultural product

5. A perfectly competitive market must meet the
following requirements:
 The sellers should supply identical products.
 Firms can freely enter or exit in the market.
 The number of firms is large.
 Both buyer and seller are price taker.
 Perfect knowledge about product quality, price
and cost.

9. Imperfect competition is a competitive market
situation where there are many sellers, but they
are selling heterogeneous (dissimilar) goods.

10.  Monopoly (only one seller)
 Oligopoly (few seller of goods)
 Monopolistic (many sellers with highly
differentiated product)

11. Monopolistic competition is a form of imperfect
competition.
It can be found in many real world markets
ranging from clusters of sandwich bars, other
fast food shops and coffee stores in a busy
town centre to pizza delivery businesses in a
city or hairdressers in a local area

12. A monopoly is a market environment where
there is only one provider of a certain
economic good or service for which no close
substitute exists.

14. An oligopoly is a market dominated by a few
producers, each of which has control over the
market.
Oligopolies are prevalent throughout the world
and appear to be increasing ever so rapidly.
Unlike a monopoly, where one corporation
dominates a certain market, an oligopoly
consists of a select few companies having
significant influence over an industry

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