Name important non-competitive markets and give the meaning of them.

1.	Name important non-competitive markets and give the meaning of them.
Answer» The important forms of non-competitive markets also: 1. Monopoly 2. Monopolistic competition 3. Oligopoly 1. Monopoly: A monopoly is a market situation in which there is a single seller of the commodity and no close substitutes of the commodity are available. The single seller can influence the price by varying his sales. 2. Monopolistic Competition: Monopolistic competition is a market situation in which both the monopolistic element and the competitive elements are present. Its basic features are large number of buyers and sellers in the market and existence of differentiated products. 3. Oligopoly: Oligopoly is market situation in between monopolistic competition and monopoly. In this market form, there are only a few sellers of the commodity and each seller has a substantial share in the market.

Answer»

The important forms of non-competitive markets also:

1. Monopoly

2. Monopolistic competition

3. Oligopoly

1. Monopoly:

A monopoly is a market situation in which there is a single seller of the commodity and no close substitutes of the commodity are available. The single seller can influence the price by varying his sales.

2. Monopolistic Competition:

Monopolistic competition is a market situation in which both the monopolistic element and the competitive elements are present. Its basic features are large number of buyers and sellers in the market and existence of differentiated products.

3. Oligopoly:

Oligopoly is market situation in between monopolistic competition and monopoly. In this market form, there are only a few sellers of the commodity and each seller has a substantial share in the market.

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