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Q: Classification of markets is based on Monopoly and Oligopoly market structures?
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What are three kinds of economic markets?

I only know two : oligopoly and monopoly. sorry i dont know the third...


What are two types of competitive markets?

Monopolistic competition and oligopoly


Why is a Monopoly markets undesirable RELATIVE to perfect competitive market discuss?

In Monopoly, there is no market power as the monopoly firm is the only supplier and holds pricing power. However in a perfect competitive market, prices are set by interaction of supply and demand. This is why monopoly markets are undesirable relative to perfect competitive market.


What is the definition of collusive oligopoly?

Collusive oligopoly is an industry that only contains few producers (oligopoly), in which producers agree among one another as to pricing of output and allocation of output markets among themselves. Cartel, such as OPEC, are collusive oligopolies.


Exceptions of law of supply?

Many ExceptionsWhile the law of supply generally reflects what happens on the supply side of market, it is not a universal principle that applies to all markets under all circumstances. There are, in fact, numerous important exceptions to the law of supply. In particular, if the supply side of the market is controlled by small number of sellers (including a single seller), then the law of supply might not operate. For example, monopoly, which is a market with a single seller, is not necessarily inclined to offer a larger quantity supplied even though the price is higher. Market control by the monopoly allows it to set the market price based on demand conditions, without cost constraints imposed from the supply side. Other market structures, including oligopoly andmonopolistic competition, might have more competition, but market control can also negate the law of supply.

Related questions

What are three kinds of economic markets?

I only know two : oligopoly and monopoly. sorry i dont know the third...


Types of imperfect competition?

Imperfect competition is a competitive market situation where there are many sellers, but they are selling dissimilar goods. There are four types of imperfect markets, one is a monopoly, an oligopoly, a monopolistic competition, and a monopsony.


What are two types of competitive markets?

Monopolistic competition and oligopoly


Why is a Monopoly markets undesirable RELATIVE to perfect competitive market discuss?

In Monopoly, there is no market power as the monopoly firm is the only supplier and holds pricing power. However in a perfect competitive market, prices are set by interaction of supply and demand. This is why monopoly markets are undesirable relative to perfect competitive market.


What is the definition of collusive oligopoly?

Collusive oligopoly is an industry that only contains few producers (oligopoly), in which producers agree among one another as to pricing of output and allocation of output markets among themselves. Cartel, such as OPEC, are collusive oligopolies.


What are examples of oligopoly markets?

In the United States there are only 6 real movie studios taking in over 90% of the market's revenues.


16 classification of financial markets?

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Which economic markets describes a situation with many buyers but only one seller?

monopoly


Classification of fish in local market?

The classifications of fish in local markets are >fin fishes >shellfishes


What are six business markets?

Business markets are classified under various forms: 1.On the basis of competition: Perfect competition,monopoly,monopolistic,oligopoly,duopoly,moopsony. 2.on the basis of area: local,provincial,national,international market 3.On the basis of time: very short period,short period,long period market 4. On the basis of quantity: wholesale and retail market 5. On the basis of legality: open and black market 6.On the basis of goods: commodity and factor market


What is producer sovereignty?

Producer sovereignty refers to the power of producers directly influencing the decisions of consumers. This is very common in monopoly markets.


How market structures determine the pricing and output decisions of businesses?

There are different kinds of markets in different economies/sectors/goods. Accordingly, there are different kinds of output and pricing decisions which take place. Usually, output and pricing decisions are interdependent except for the case of perfectly competitive markets. In perfectly competitive markets, a single firm is so small compared to the market that it cannot affect the prices. In that case, it must take the price as given, and then decide the quantity to be supplied. Price in this market is equal to the marginal cost of production. In monopoly, however, things are different. The monopolist can change the prices, as it is the sole provider of the good and thus has the market power. But here also, if the price increases quantity demanded decreases. Therefore, the monopolist must take under consideration both the positive and negative effects of increase in prices. In another market oligopoly, pricing is a bit more complicated and it depends upon the strategic interaction among the firms.