Types of Market

A market can be divided on the basis of region (local, state and national market), period (very short period, short period and long period market) and competition. On the basis of competition there can be following types of market:

  1. Bilateral Monopoly. One buyer and one seller exist in the market.
  2. Pure Monopoly. One buyer and many sellers.
  3. Pure Monopoly. One seller and many buyers. Two sellers and many buyers.A few sellers and many buyers.
  4. Monopolistic composition. Many buyers and many sellers’ produce producing differentiated products.
  5. Perfect competition. Many buyers and sellers. Producers producing homogeneous or identical goods.
  6. Imperfect competition. When competition is not complete and perfect due to one reason or the other, the market will be imperfect competitive market. All other types of market excluding perfect competition come under it. This market is wider than monopolistic competition.

 

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