Comparison among the Features of Various Markets

Conclusion

Different forms and characteristics of different markets have been studied in this chapter Market, in general is divided into perfect market and imperfect market. Imperfect market consists of Monopoly, Monopolistic Competition, Duopoly, Monopsony etc. In the long-run, firms earn normal profit. Under imperfect market, the sellers would manage to reap larger profits depending upon the degree of monopoly power.