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Market classification according to number and size of firms. identify and define this classifications

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jepessoa jepessoa

Today at 11:45 PM

Answer:

There are 5 major market types:

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

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