In a perfectly competitive market, an increase in market price shifts the marginal revenue curve11/16/2023 ![]() ![]() Monopolist, the complete opposite is an imperfect market that produces a unique product and is the sole seller of that particular product. As a consequence buyers can also shift from one supplier to another and suppliers too can easily enter or leave the market in case if they are making no profit. In other words, it means that there are no special costs associated with entering or exiting the market. One of the important assumptions of Perfect competition is Free entry and Exit. Imperfect Market – Monopolist – Single Seller and many buyers Free Entry or Barriers Perfectly Competitive Market – Perfect competition – Many sellers and many buyers These are the distinguishing features of both the markets. One of the very important Perfect and Imperfect markets namely Perfect competition and Monopoly has always been studied in every foundation course of Economics.
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