Compare and contrast the following market forms. As part of your analysis you should include an...

Compare and contrast the following market forms. As part of your analysis you should include an example of where these various market types are in operation.
a) perfect competition
b) monopoly

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Expert Solution

Perfect competition and monopoly are entirely different from each other.In perfect competition there are many sellers as well as many buyers.Here the price of the commodity is determined by the market and not by the sellers or buyers.For example if a seller is selling his commodity for high price(not possible because the price is determined by the market and it is fixed) then the buyer can move to another seller because here in perfect competition there are many sellers.The consumers(buyers) have perfect knowledge about the market price.Perfect example for perfect competition is agricultural market where different sellers sells the agricultural product( onion, tomato, rice) but the price of the commodities are same because the price is decided by the market and they fixed for all buyers and sellers.In monopoly there are many buyers and single seller( unique product),which means a single seller for a product and many buyers for buying the product.Here the price of the commodity is determined by the seller because the product is unique.For example suppose if a seller is selling his commodity for high price then the buyer can't move to another seller because here we have single seller who sells his unique product which has no close substitute. Example for monopoly is railways which has no close substitute.

Rahul Sunny answered 1 year ago

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