market types: according to co-ownership
perfect competition market
buyers and sellers are so numerous that they do not influence price
the goods and services offered are the same
imperfect competition
Operate between extremes
oligopoly market
Few sellers, many buyers
imperfect
few companies, heterogeneous product
perfect
few companies, homogeneous product
telephony
Monopolistic competition market
many companies, similar products
car brands
monopsony market
buyers regulate demand
they can change price. high power
Comp. monosopnist
Buyers are few and compete, giving favors to sellers
Oligopsony
Few buyers. Anyone influences price
Duopsony
two dominant buyers
Heinz and nestlé
monopoly market
a company with a different product
sedapal
