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- Classification of market refers to how different markets are categorized based on various criteria12345.Some of the common criteria for classifying markets are12345:
- The degree and nature of competition, such as perfect competition, monopoly, oligopoly, and monopolistic competition.
- The size or area of the market, such as local, national, and international.
- The number and size of suppliers, and their influence over price.
- The ease of entering the market, and the barriers to entry.
- The type of product or service, such as durable, nondurable, perishable, or factor.
- The legality of the market, such as formal or informal.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Market structure refers to how different industries are classified and differentiated based on their degree and nature of competition for services and goods. The four popular types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition.corporatefinanceinstitute.com/resources/economic…The classification of a market is based on six different conditions: the existence of competition, the size or area of the market, the number and size of suppliers, the influence of suppliers over price, and the ease of entering the market.www.mometrix.com/academy/classification-of-mark…Broadly, a market is classified into product market where goods are transacted, and a factor market where inputs are bought and sold. A goods market exists for both durable and nondurable and perishable goods. A. According to the extent of area covered, a market is classified into local, national, and international.www.economicsdiscussion.net/market/market-mea…Depending on the degree and type of competition, market structures can be grouped into three main categories, namely, purely competitive market, perfectly competitive market, and imperfectly competitive market.www.economicsdiscussion.net/market/market-conc…Classifications of Market in Economics They are discussed below: On the Basis of Area or Region. On the Basis of the Time Element. On the Basis of Competition. On the Basis of Functions. On the Basis of Nature of Commodity. On the Basis of Legality.www.googlesir.com/classifications-of-markets/ - People also ask
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