How the market can be classified on the basis of Economics?

1.	How the market can be classified on the basis of Economics?
Answer» The Market can be classified on the basis of Economics as follows: (a) Perfect Market: A market is said to be a perfect market, if it satisfies the following conditions: 1. Large number of buyers and sellers are there. 2. Prices should be uniform throughout the market. 3. Buyers and sellers have a perfect knowledge of market. 4. Goods can be moved from one place to another without restrictions. (b) Imperfect Market: A market is said to be imperfect when 1. Products are similar but not identical. 2. Prices are not uniform. 3. There is lack of communication.

Answer»

The Market can be classified on the basis of Economics as follows:

(a) Perfect Market: A market is said to be a perfect market, if it satisfies the following conditions:

1. Large number of buyers and sellers are there.

2. Prices should be uniform throughout the market.

3. Buyers and sellers have a perfect knowledge of market.

4. Goods can be moved from one place to another without restrictions.

(b) Imperfect Market: A market is said to be imperfect when

1. Products are similar but not identical.

2. Prices are not uniform.

3. There is lack of communication.

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