Question

Need 3-4 typed pages of research essay. Thank you!

Any research essay (what you want)

Answer 1

RESEARCH ESSAY ON FORMS OF MARKET

A market is the place where the buyers and the sellers interact to purchase and sell a product at the agreed price.

The market can be divided into 4 types on the basis of its creation and other characteristics -

1 - PERFECT COMPETITION

2- MONOPOLISTIC COMPETITION

3 - MONOPOLY

4 - OLIGOPOLY

1 - PERFECT COMPETITION -

This is the type of market structure in which there are large number of buyers and sellers in the market without any restriction on the entry and exit of the firms. The firms sell the identical products and the buyers and the sellers have the perfect knowledge about the product and the market conditions.

The firm is the price taker and cannot influence the market price of the product on its own. It has to accept the price decided by the market forces of demand and supply. If any firm tries to influence the price then he is thrown out of the market by the market itself and loses the trust of the buyers.

Hence in the case of the perfect competition the PRICE , AR , MR are all constant and parallel to the X axis.

So the main characteristics are -

1 - large number of buyers and sellers

2 - perfect knowledge about the product

3 - constant prices

4- freedom of entry and exit of the firms

2 - MONOPOLISTIC COMPETITION -

The main features of this type of competition are -

1 - sells closely related but differentiated products

2- products are the close substitutes of each other

3- lack of perfect knowledge about the products

4- price differentiation

5 - large number of sellers and buyers

6 - freedom of entry and exit of firms

3 - MONOPOLY COMPETITION -

The main features of this type of competition are -

1 - firms is the price maker and not the price taker

2 - only one seller among the large number of buyers

3- product has no close substitute

4- downward sloping demand curve

5 - restriction on the entry and exit of the firms

4 - OLIGOPOLY COMPETITION -

The main features of this type of competition are -

1 - Such type of markets are difficult to exist in the current market scenario

2 - there is cut throat competition among the sellers

3 - the sellers may form cartel in order to sell more

4 - the firm faces the kinked demand curve