✅️ Classification of markets on the basis of degree of competition ✅️
1.) Perfect Market: The perfect market is one where there are a large number of buyers and sellers having perfect knowledge of demand, supply and prices.
2.) Imperfect Market: The market in which the conditions of perfect competition are lacking are characterised as imperfect market. The following situations, each based on the degree of imperfections, may be identified as below :-
a. Monopoly Market: Monopoly is a market situation in which there is only one seller of a commodity. When there is only one buyer of a product, the market is termed as a monopsony market.
b. Duopoly Market: A duopoly market is one which has only two sellers of a commodity. The market situation in which there are only two buyers of a commodity is known as duopsony market.
c. Oligopoly Market: Market in which there are more than two but still a few sellers of a commodity is termed as an oligopoly market. A market having a few (more than two) buyers is known as oligopsony market.
d. Monopolistic Competition: When a large number of sellers deal in heterogeneous and differentiated form of a commodity, the situation is called monopolistic competition.
Ex. Choice between various makes of insecticides, fertilizers and equipments etc.
1.) Perfect Market: The perfect market is one where there are a large number of buyers and sellers having perfect knowledge of demand, supply and prices.
2.) Imperfect Market: The market in which the conditions of perfect competition are lacking are characterised as imperfect market. The following situations, each based on the degree of imperfections, may be identified as below :-
a. Monopoly Market: Monopoly is a market situation in which there is only one seller of a commodity. When there is only one buyer of a product, the market is termed as a monopsony market.
b. Duopoly Market: A duopoly market is one which has only two sellers of a commodity. The market situation in which there are only two buyers of a commodity is known as duopsony market.
c. Oligopoly Market: Market in which there are more than two but still a few sellers of a commodity is termed as an oligopoly market. A market having a few (more than two) buyers is known as oligopsony market.
d. Monopolistic Competition: When a large number of sellers deal in heterogeneous and differentiated form of a commodity, the situation is called monopolistic competition.
Ex. Choice between various makes of insecticides, fertilizers and equipments etc.
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● Practical exams, projects, and internal assessments for the academic year 2023-24 will commence from 1st January, 2024.
● Winter bound school practical exams will start from 14th November (Winter bound schools are those which are situated in the winter bound areas and are expected to remain closed during the month of January due to the winter season).
● Class X practical exams will be conducted at the school level. It means no external examiner will be appointed by the Board.
● For class XII practicals, the Board will appoint external examiners in each school for conducting the exam and project assessments.
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CBSE Date Sheet for Class X & Class XII Examinations, 2024.
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CA Inter New Syllabus Weightage by ICAI.
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