Forms of market | Market process | Economics and management

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Forms of markets are categorized by competition (Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly), area (Local, National, International), time (Short-term, Long-term), or the nature of participants (B2B, B2C)

. The main market 

structures

 focus on seller-buyer dynamics, describing how many firms exist, product type, and pricing control, with the key types being 

Perfect Competition

, 

Monopoly

, 

Monopolistic Competition

, and 

Oligopoly

.

 

By Competition (Market Structures)

Perfect Competition: Many sellers, identical products, no price control (e.g., some agricultural markets).

Monopoly: Single seller with unique product and high barriers to entry (e.g., utilities in some regions).

Monopolistic Competition: Many sellers, differentiated products, some price control (e.g., restaurants, clothing).

Oligopoly: Few large sellers dominate, products can be similar or different, significant interdependence (e.g., airlines, mobile carriers).

Monopsony/Oligopsony: Markets with single/few buyers, not sellers (e.g., government buying defense equipment.