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Page 1 CPT General Economics Chapter 4 Unit-1 By Prof. Monika Maithani MARKET (Micro Economics Page 2 CPT General Economics Chapter 4 Unit-1 By Prof. Monika Maithani MARKET (Micro Economics MEANING AND TYPES OF MARKET Page 3 CPT General Economics Chapter 4 Unit-1 By Prof. Monika Maithani MARKET (Micro Economics MEANING AND TYPES OF MARKET Market is the whole set of arrangement for buying and selling of commodity or service. Page 4 CPT General Economics Chapter 4 Unit-1 By Prof. Monika Maithani MARKET (Micro Economics MEANING AND TYPES OF MARKET Market is the whole set of arrangement for buying and selling of commodity or service. ? Buyers & Sellers; ? A product or service; ? Bargaining for a price; ? Knowledge about market conditions; and ? One price for a product or service at a given time. Page 5 CPT General Economics Chapter 4 Unit-1 By Prof. Monika Maithani MARKET (Micro Economics MEANING AND TYPES OF MARKET Market is the whole set of arrangement for buying and selling of commodity or service. ? Buyers & Sellers; ? A product or service; ? Bargaining for a price; ? Knowledge about market conditions; and ? One price for a product or service at a given time. Area Time Nature of transaction Regulation Volume of business CompetitionRead More
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FAQs on PPT - Meaning and Type of Markets- 2 - Business Economics for CA Foundation
| 1. What is the meaning of PPT in the context of markets? |  |
Ans. PPT stands for Perfectly Competitive Market. In this type of market, there are numerous buyers and sellers, homogeneous products, perfect information, and free entry and exit for firms. Prices are determined solely by market forces of supply and demand.
| 2. What are the types of markets discussed in the article? | |
Ans. The article discusses two types of markets: Perfectly Competitive Market (PPT) and Imperfect Market. PPT is a market with perfect competition, while Imperfect Market includes monopoly, oligopoly, and monopolistic competition.
| 3. What is the significance of understanding market types for the CA Foundation exam? | |
Ans. Understanding market types is important for the CA Foundation exam as it helps in analyzing the behavior of firms, determining pricing strategies, and understanding market dynamics. It forms the basis for studying various economic concepts and theories.
| 4. How does a perfectly competitive market differ from an imperfect market? | |
Ans. In a perfectly competitive market, there are many buyers and sellers, homogeneous products, perfect information, and free entry and exit for firms. Prices are determined by market forces. In contrast, an imperfect market has fewer sellers, differentiated products, imperfect information, and barriers to entry. Prices may be influenced by individual firms.
| 5. What are the key characteristics of a perfectly competitive market? | |
Ans. The key characteristics of a perfectly competitive market include a large number of buyers and sellers, homogeneous products, perfect information, free entry and exit for firms, and price determination through market forces. Firms in this market have no control over prices and are price takers.
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