Hello, iam Henrietta Stubbs, May your day be joyful.
What Are Types Of Markets? [Solved]
A monopoly is a market where there’s only one seller, so they can charge whatever they want. Oligopoly is when there are just a few sellers, so prices tend to stay high. Perfect competition is when there are lots of sellers and buyers, so prices stay low. Monopolistic competition is similar to perfect competition but with some differences in product quality or services. Monopsony is the opposite of monopoly - it’s when there’s only one buyer and they can dictate the price. Oligopsony is like oligopoly but with buyers instead of sellers. And finally, natural monopoly happens when one company has such an advantage that no other company can compete - like a utility company providing electricity or water. Got it?
