What are the 5 types of customer markets?
Market is a place where the buyer and seller meet and does the transaction of buying and selling. There are different types of market by nature. They are as below.
1) Perfect competitive market : This is a market where there are large number of buyers and sellers. There are n number of sellers of the product and n number of buyers available in the market. There is free entry and exit from the market.
2) Monopolistic competitive market : This is similar to the perfect competitive market expect for the fact that the product of each seller is slightly different from the product of the another seller.
3) Oligopoly : This is a market where there are only a few group of seller available in the market but the number of buyer is much large then the seller in the market. Also the entry into this of market in difficult in nature.
4) Monopoly : This is a market where there is only one seller in the market and large number of buyer. Entry of new seller is difficult in this type of market.
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