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Types Of Markets (for UPSC CSE)
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This lesson begins with the explanation of what competition actually is & the various types of competition which are a perfectly competitive market, monopoly and imperfect market. The lesson then moves on to give a comprehensive explanation of each of these types of markets and their unique features, their volatility to external changes and relevant examples of each.

Ayussh Sanghi is teaching live on Unacademy Plus

Ayussh Sanghi
Passionate Educator - CSE / Other Govt Exams [Peep into my Unacademy Plus Courses & experience awesome learning.]

Unacademy user
sir group 4 ki wating k kb pta chalega
Pramod Rana
4 months ago
Site ko dekhte rahiye
now from hate economy to love economy... thank you very much for your great effort sir.
Ayussh Sanghi
a year ago
Thanks for your kind words.
Vineel SAHU
a year ago
beautiful voice with awesome subject sir what about the macro economics concepts....
great lectures...kindly make more lectures as per syllabus...hats off sir
Question. Can Jio telecommunications be set under Natural Monopoly. As there are other competitors but Jio offers good (data) cheaper than the rest. What do you suggest?
Rajeev Kumar
2 years ago
sir it can be at the same time others are also giving data at some cost
Junaid Farooq Khan
5 months ago
no it can't b, becuz Jio does not have a monopoly but there are other competitors as well.... jio's pricing is competitive as it is called by first trying to provide services free of cost( hence reduce the competition, as idea-voda collaborated, reliance, aircel collapsed but not necessarily establishing monopoly)... but airtel survived... so what Jio basically did is that it reduced the competition but cudnt establish monopoly... analogy: u may consider perfect competion as being white monopoly as being black in b/w gray is what Jio was able to achieve
What a wonderful style of teaching sir...great... I have just watched this....
superb explanation with good & catchy examples! economics is no more a tough to understand with your explanation sir.... We are very grateful to you.
  1. INTRODUCTION TO INDIAN ECONOMY 1.13 TYPES OF MARKET PRESENTED BY AYUSSH SANGHI


  2. ABOUT ME Passionate about Teaching >Taught at most reputed Civil Services Institutes >CA, Lawyer Follow me on: https://unacademy.in/user/ AyusshSanghi


  3. WHAT IS COMPETITION? What does competition mean? o Competition can be defined as one where sellers of the same commodity compete for the same buyers.


  4. VARIOUS TYPES OF COMPETITION PERFECTLY COMPETITIVE MARKET MONOPOLY IMPERFECT MARKETS


  5. WHAT IS PERFECTLY COMPETITIVE MARKET? A perfectly competitive market is necessarily one that has the following characteristics: o multiple buyers and many sellers in the market. o goods offered by the various sellers are largely the same. o free entry or exit to firms in the market.


  6. WHAT IS PERFECTLY COMPETITIVE MARKET? According to the above mentioned attributes, the actions of any single buyer or seller in the market have a negligible impact on the market price. Each buyer regulated by the market. and seller takes the price as


  7. WHAT IS MONOPOLY? o Let's understand through an example You own a laptop, it probably uses a version of Windows, the operating system developed by the Microsoft Corporation. When Microsoft first designed Windows many years ago, it applied for and received a copyright from the government. o This copyright gives Microsoft the exclusive right to make and sell copies of the Windows operating system Hence if a person wants to buy a copy of Windows he has to pay Microsoft the said amount tha product. Microsoft is said to have a monopoly in the market for Windows. t the firm has decided to charge for its


  8. WHAT IS MONOPOLY? A monopoly such as Microsoft does not have any close competitors and, therefore, can charge the market price for its product as well as influence it. Hence the main difference is,"A competitive firm is a price taker, whereas a monopoly firm is a price maker ."


  9. REASONS FOR MONOPOLY A firm is considered to be running a monopoly if it is the sole seller of its product. Its product cannot be easily substitutable. o The main reason of monopoly is barrier to entry for other firms that can give competition. In a monopoly the firm remains the only seller in its market because other firms cannot enter the market and compete with it.


  10. REASONS FOR BARRIERS TO ENTRY An important source is owned by a single firm The government has given a single firm the exclusive right to produce some good or service. The costs of production make a single producer more efficient than a large number of producers.


  11. MONOPOLISTIC COMPETITION This describes a market structure in which there are many firms selling products that are similar but not identical. Example: Markets for novels, movies, CDs and computer games.