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Topic: Business
Number of pages / Number of words: 5 / 1217
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(Slightley different to Monopoly markt but has some comman aspects Ex: Supream & Yellow Label OR Pepsi & Coke).

3) OLIGOPOLY MARKET (oli’gop(?)li): A state of limited competition, in a market having a small number of producers or sellers.

4) COMPATATIVE MARKET: Assumptions: Perfact compation ==>Many sellers & Many Buyers ==>Market forces of demand & supply will determine the price ==>Buyer, seller, consumer, & producer has Perfect knowledge ==>All the products are homogeneous products...


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In a market economy businesses and consumers decide what they will produce and purchase, as a opposed to a planned economy where the government decides what is to be produced and in what quantities.

A market economy has no central coordinator guiding its operation, yet theoretically self-organization emerges amidst the complex interplay of supply and demand and price regarding a multitude of goods and services...


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