class 12 microeconomics Different forms of market notes
Market forms ....... short and easy notes for the board exam. 1. What do you mean by market? What are its features? > Entire area where buyer and seller of a commodity are inclose contact to each other, is called market. Following its features; One area - where wire and seller are present and compete with each other. Presence of buyer and seller - it is compulsory of the presence of buyer and seller to purchase and sell the commodity. One commodity - in economy, every commodity has different market. One price of commodity - market contain one single price of commodity. Due to competition between buyers and sellers. 2. What is perfect competition? What are its Essential elements or features? > It is the situation in which a large number of buyers and sellers are found for homogeneous product. In perfect competition, a single market price prevails for the commodity. Following are its feature; Large number of buyers and sellers. All goods are homogeneous in nature. ...