Howdy, iam Otis Hernandez, Good luck today!
What Are The 5 Markets? [Solved]
Well, there are five main types of markets out there: Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition and Monopsony. See, each one has its own unique characteristics that make it stand out from the rest. For instance, Perfect Competition is characterized by a large number of buyers and sellers in the market with no single buyer or seller having any control over prices. On the other hand, a Monopoly is when one company has complete control over the market and can set prices as they please. Oligopolies are similar to monopolies but involve a few companies instead of just one. Then you have Monopolistic Competition which is when many companies compete for customers by offering different products at different prices. Finally you have Monopsony which is when only one buyer controls the market and sets prices accordingly.
