Question

Fill in the blank Columns:  Four Market Models.

Characteristics	Pure Competition	Pure Monopoly	Monopolistic Competition	Oligopoly
Number of firms
Type of product
Control over price
Conditions of entry
Non price Competition
Give Examples

Answer 1

BASIS OF DIFFERENCE	PURE COMPETITION	PURE MONOPOLY	MONOPOLISTIC COMPETITION	OLIGOPOLY
NUMBER OF FIRM	in this type of market large number of buyers and sellers exist.	in this type of market single seller and large number of buyers exist.	in this type of market various sellers exist in the market	in this type of market only few sellers fulfill the demand of market.
TYPE OF PRODUCT	the firm sells same/homogenous product.	it sells the product which is unique in nature which doesn't have any close substitute.	it sells differentiated product which is similar but not homogenous and have its own unique value	unique products due to branding but faces competition due to availability of rivals supply of the product.
CONTROL OVER PRICE	price are determined by industry therefore firms don't have control over price and is only the price taker.	firm decides the price and even it can charge different price in different market.	firm can control the price but upto some extent due to rival with the similar product sellers.	there is price rigidity due to cut throat competition among the sellers.
CONDITION OVER ENTRY	firms can freely enter and exit	firms are not permissible to enter or exit freely due to different barriers	firms can freely enter and exit	firms are not permissible to enter or exit freely
NON PRICE COMPETITION	it doesn't;t exist because no firm can impact the price and sale quantity	this firm doesn't face any non price competition because this is the only seller in the economy	non price competition plays an important role to gain the maximum market share	non price competition is the most important aspect in this kind of competition because firm can impact the profit only by increasing the number of consumer instead of change in price.
EXAMPLES	the cloth seller in the whole seller market	the only institute in a city which provide education in the city	detergent powder which has its own brand power but faces competition from the rivals	car sellers in the economy,there are hardly 4-5 company operating with immense level of mutual dependency.