Comparison Between Various Types of Market

Perfect competition	Monopoly	Monopolistic Competition	Oligopoly
Many firms and numerous buyers	Single firm and many buyers	Large number of firms and large number of buyers	Few sellers and many buyers
Presence of competition	Absence of competition	Competition amongst monopolists	Competition among the few
Identical product	No close substitute	Similar but not identical products	Similar/identical products
Freedom of extry/exit	Entry debarred	Freedom of extry/exit	Blocked entry / threat to entry
Demand is perfectly elastic	Demand is inelastic	Demand is highly elastic	Indefinite demand
Independent decision- making	Total freedom is decision making	Independent decision making	Inter dependence decision making
Perfect knowledge	Imperfect knowledge	Imperfect knowledge	Imperfect knowledge
8. Price taker firms	Price maker firm	Competitive prices	Competitive prices
Profit maximizing firms	Profit maximizing firm	Profit maximizing firms	Sales maximization
No selling costs incurred	No need to incur SC	Selling costs important	SC more important
Single price	Price discrimination	Discrimination possible	Discrimination possible
Equilibrium with rising MC	Equilibrium with rising, falling and constant MC	Equilibrium when MR = MC	Equilibrium with kindly demand curve
Mass-behaviour	Individual behaviour	Individual and mass behaviour	Group behaviour
Unrealistic market structure	Realistic in nature	Exists in practice	Presently existing