1. Perfect competition market: This type of market consists of a large number of buyers and sellers who have access to perfect information, homogeneous products, easy entry and exit, and no individual buyer or seller has control over the market price.
2. Imperfect competition market: This type of market is characterized by a limited number of sellers or buyers who have some degree of control over the market price. It includes various subcategories such as monopoly (market with a single seller), oligopoly (market with a few large sellers), and monopolistic competition (market with many sellers offering differentiated products).
Name the two types of markets
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