Perfect competition market, monopolistic competition market, oligopoly and monopoly markets product feature, number of buyers /...

Perfect competition market, monopolistic competition market, oligopoly and monopoly markets product feature, number of buyers / sellers, entry barrier, long Compare in terms of period profit and Herfindahl-Hirschman index.

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Basis	perfect Competition	Monopoly	Monopolistic Competition	Oligopoly
Meaning and number of buyers/ sellers	A market in which there is large number of buyers and sellers and each firm is a price taker ,having no influence on price as fixed by the industry	A market situation in which there is a single seller in the market.Being a price maker, he has full control over the market.	A market situation in which there are large number of buyers and sellers.	A market structure characterized by the presence of a few large firms having cut throat compertion and interdependence in their decision making
Product feature	homogeneous products	no close substitutes available	differentiated products but close substitutes	homogeneous or differentiated products
Short run profits	nomal profits/ super prifits/ minimum losses	normal profit/ super profits/ minimum losses	normal profits/ super profits / minimum losses	normal profits / super profits/ Minimum losses
Long run profits	normal profits	super profits	normal profits	normal profits
Entry/ exit of firms	freedom of entry and exit	barrier to entry of new firms	freedom of entry and exit	substantial barrier to entry of new firms
Hergindahl-Hirschman Index( a measure of market concentration)	closer to zero	closer to 10000	1500-2000	closer to 2500

Rahul Sunny answered 1 year ago

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