There are various market kinds in the market structure where each type of market has its own characteristics. Explain all types of markets along with their respective characteristics. Support your explanation with the help of suitable examples for each sub division of market accordingly.
There are various market kinds in the market structure where each type of market has its own characteristics. Explain all types of markets along with their respective characteristics. Support your explanation with the help of suitable examples for each sub division of market accordingly.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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There are various market kinds in the market structure where each type of market has its own characteristics. Explain all types of markets along with their respective characteristics. Support your explanation with the help of suitable examples for each sub division of market accordingly.
Expert Solution
Step 1- Introduction
The markets are the place where the buyers and sellers tend to meet and interact with each other. The markets tend to help in the allocation, and distribution of resources, as well as goods, and services.
The markets help in enhancing the efficiency of the economies as they help various entitles to come closer, and interact with each other. The markets are both efficient, and inefficient in nature.
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