21 Oct 2021
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Study notes of the module market structures and price output determination, university of calicut. Market structures are different market forms based on the degree of competition prevailing in the market. Broadly the market forms are classified into two types: - The term perfect competition is used in wider sense. perfect competition means all the buyers and sellers in the market are aware of price of products . The following are the characteristics of perfectly competitive market: large number of buyers and sellers in themarket, homogeneous product, free entry or exit, all the buyers and sellers in the market have perfect knowledge about the market conditions. The demand curve normally slopes downwards showing that more quantity of commodity will be demanded at a lower price than at a higher prices. Similarly supply curve showing an upward trend where the producers will offer to sell a larger quantity at a higher price school of distance.
