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Suppy and Demand - Assignment Example

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The notable feature of the perfect competition is the uniform price of commodity. The system consists of large number of sellers and buyers;…
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Suppy and Demand

Finally, oligopoly refers to the market condition which stays between duopoly and perfect competition. Duopoly is the condition when there are two sellers; and oligopoly comprises of more than two sellers but limited to that of perfect competition.
The role of an economist is highly important in an economy. In order to promote an appropriate market system one has to identify various factors such as the number of buyers and sellers, type of products, selling costs, perfect knowledge of the consumers, transport costs ... Read More
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