Explain what competition? What is the types of competitions? Discuss Perfect competition? Oligopoly – Monopoly? Student should search online for examples to support discussion
Explain what competition? What is the types of competitions? Discuss
Competition:-
Competition maybe spices in human life but in economics, It has been more nearly the main dish. Competition is a Major Force in the market to determine the prices of products and quality of products. Competition in the market always goes in favor of the customers
Suppliers also engage in nonprice competition. The supplier always tries to improve its products to gain a competitive advantage over its rivals.
Types of competitions:-
Perfect Competition is this market structure, where are a Large number of buyers and Seller in the market. In this firm is a price taker.
Monopoly in this market structure there is a single seller who controls the entire market. Buyers are in large number but they have no alternative.
Oligopoly is the system where only a few firms exist. Firms are preferred mutual collaboration rather than committing to each other.
Monopolistic Competition is a real competition that actually occurs in the market. There is a large number of buyers and sellers. Seller is selling products are similar but all sellers sell slightly differentiated products.
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