Market analysis-nature of market

The four characteristics of imperfect competition are : 

( a ) Large number of buyer and seller .

 ( b ) Product differentiation . 

( C ) Expenditure on advertisement and     
         other selling cost . 

( d ) Non - price competition .

perfectly competitive market has the following characteristics:
  • There are many buyers and sellers in the market.
  • Each company makes a similar product.
  • Buyers and sellers have access to perfect information about price.
  • There are no transaction costs.
  • There are no barriers to entry into or exit from the market.

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