Types of Market place in NCERT Economics for class 12 are really confusing to me. Once the point is given I can explain it in an easy way. What are points to remember that can make writing answers easy?
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Types of Market place in NCERT Economics for class 12 are really confusing to me. Once the point is given I can explain it in an easy way. What are points to remember that can make writing answers easy?
Unlike Perfect competition, Monopoly Market is totally opposite. There is
1. One Company (Seller)
2. No Substitute for the product in the market
3. No Competition
4 No Free Entry of any firm
5 Negatively sloped Demand Curve – Means Seller can only sell more product by reducing the price.
6 Price Discrimination – No fixed Price for everyone. Seller can reduce, or increase the prices depending quantity, area or any other reasons.
I hope that helps !