Chapter-Forms of Market and Its Equilibrium Micro Economics class 11 in english Medium CBSE Notes

Forms of market and its equilibrium.

Market:

Market refers to a prticular place where buyers and sellers physically meet together for  sale and purchase of goods.

Component of a market:

(a) Buyers.

(b) Seller.

(c) Contact.

(d) Price.

Market consist of the two component:

Firm - 

• A firm refers to an individual unit engarged in the task of producing goods and service.
• A firm has only one unit of entrepreneurship. for e.g.- colgate, prposodent etc.

Industry -

• A set of closely associated firms is known as industry.
• for e.g.- toothpaste industry having several firm like. cogeate. perpsodent etc.

Types of market.:

Based on competition, the markets are classified as follows.:

1. perfect competition.

2. Monopoly.

3. Menopolistic compectition:

4. Oligopoly.

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