MARKET Meaning

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MARKET Meaning “Originally”. says a market was a public place in a town where provisions and other objects were expunged for sale; but the word has been generalised so as to mean all.’ bloody persons wlu) an’ in intimate relaxations carry Oil  all.” mollification A great city may contain as many markets as there are important branches of ADC, and these Marxists […]

CRITERIA FOR CLASSIFICATION OF MARKET

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CRITERIA FOR CLASSIFICATION OF MARKET We have already given classification of markets. The following criteria for the classification of markets have been suggested: (I) Substitutability of Products This criterion refers to the’ existence and ‘closeness of substitutes i.e. the extent and form of competition among the firms in the industry. This criterion may be measured by the conventional price cross-elasticity (ep) […]

Monopoly

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Monopoly When there is monopoly, a single producer or seller controls the entire market. There are no substitutes for his product. He controls the entire supply and he can fix the price. He is the finn and he also constitutes the industry. It is a one-firm industry. Thus, un- dcr monopoly, the distinction between the linn and industry disappears. TIle average […]

Pure Competition

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Pure Competition Pure competition is said to exist when the following conditions are fulfilled (i) Large Number IJf Buyers and Sellers. One condition of pure competition is that there should be operating in the market a large number of buyers and sellers. If that is so, no single seller or purchaser will be able to influence the market price, because tho […]

MARKET FORMS OR MARKET STRUCTURES

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MARKET FORMS OR MARKET STRUCTURES The type of market depends on the degree of competition prevailing in the market. Broadly speaking, there arc two types of competition prevailing in the markets: (i) Perfect competition and (ii) Imperfect competition. Competition. Modem economists draw a distinction between perfect competition and pure competition. Perfect competition is a wider concept. In order that there should be perfect competition, […]

She of lite Market

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She of lite Market In the case of some commodities, the market is try wide covering the whole country or even the whole world, whereas in certain other cases. the size of the market is very limited covering a small village, The size of the market depends upon several factors:  In order to have a wide market, a commodity must be (il portable: (i,) durable; tiii t suitable […]

Perfect Competition: Conditions

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Oligopoly  When in a market, there arc only a few sellers of a product, it is called The basic characteristic of an oligopolistic situation is the fact that every seller can exercise an important influence on the price output policies of his rivals. This is due to the fact that the number of sellers is not very large and each […]

Perfect Competition: Conditions

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Perfect Competition: Conditions  There is said to be’ perfect competition ery purchaser and seller is so sn~a\l relative to the entire market that he cannot influence the market price hy increasing or decreasing his purchases or his output. Perfect competition is a wider term than pure COIllpetition. Besides, the two conditions of pure competition mentioned above, \’iz., the homogeneity of the product […]

Shape of Demand Curve ill Pure Competition

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Shape of Demand Curve ill Pure Competition When there is pure competition, the average revenue curve (AR) or demand curve of a firm is a horizontal straight line which means that any firm can sell any quantity at the prevailing price. Since the number of firms is very large, no individual firm has the power to vary the market price. Also. since […]