May 27, 2022
Under perfect competition, both the buyers and sellers are price takers. However, there exist other forms of market structures which may not satisfy one or more conditions of the perfect competitive market. A market is non-competitive when the firms acting in such a market have the power to influence the price, directly or indirectly.
Read this detailed article on Non-Competitive markets and give an extra edge to your UPSC CSE preparation.
Also read: Globalisation and the Indian Economy
Government Budget and the Economy
Determination of Income and Employment
Basic Concepts of International Trade
However, it is very difficult for such a monopoly to exist in the real world as substitutes for all commodities exist. New firms are taking up new technologies and coming up with newer products in an ever-changing economy.
Here's a related video lecture on The Basic Questions Faced by Every Economy by Vivek Singh Sir, our Economy Faculty:
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