PERFECT COMPETITION is a market in which there are

many firms selling identical products. With no firm large enough relative to the entire market to be able to influence market price. -Prof. Leftwitch

PERFECT COMPETITION is a market situation where there is a large number of sellers and buyers, a homogeneous product, free entry of firms into the industry perfect knowledge among buyers and sellers of existing market conditions and free mobility of factors of production among alternative uses. -Prof. Lim Chong Yah

The firms have no control over price. Firms are price takers. No control over cost.

Large number of buyers & sellers Homogeneous Products Free entry and exit of firms Perfect knowledge of market conditions Perfect mobility of factors of production Absence of restriction Absence of transportation cost Uniform price Lack of personal contacts Horizontal demand curve of the firm Product competition in place of individual competition

 MONOPOLISTIC COMPETITION has come today to mean a state of affairs in which there4 is large number of sellers selling nonhomogeneous or slightly differentiated products and in which freedom of entry exits. -H.H. Lelbhalfsky MONOPOLISTIC COMPETITION is a market situation in which there are many sellers of particular product but the product of each seller is in some way differentiated in the minds of consumer from the product of other sellers. -Leftwitch

More sellers Differentiated product Easy entry or exit of firms Free pricing policy of firm Poor knowledge of market conditions Non-price competition Near substitute goods Differentiation in the approach of the consumer

The word meaning of Monopoly is Mono, means single, and Poly means seller. Hence, monopoly means singe seller or single+ right = MONOPOLY.

MONOPOLY can arise only if the cross elasticity for the output of this firm with respect to the price of each other firm is small. -Prof. Stigler PURE MONOPOLY is the market situation in which a single firm sells a product for which there are no good substitute, the firm has the market for the product all for it self. There are no substitute products where price and sale will influence the monopolistic price or output. -Prof. Leftwitch

Single seller or producer Firm and industry is one and the same No substitutes Inelastic demand Effective check on the entry of the firms Maximum profit Fear of possible competition More buyers Lack of perfect mobility of factors of production Non-price competition is not important

It is a combination of two words, oligoi, which means few and pollen, which means to sell. In combined from, oligopoly means few sellers of a commodity.

OLIGOPOLY is that market condition in which there are few sellers, who sells perfectly standardized commodity. Each of them is producing such substantial portion of the total the changes in the production or price of a seller will have appreciable effects on the price obtained or the quantity of the commodity sold by the competitors. -Meyers

Few sellers Interdependence Homogeneous product Advertising and sales promotion Rivalary Price rigidity Difficulty in the entry and exit of firms Uncertainty of demand curve