Define the market structures and price output determination
Define the market structures and price output determination in words of Clark and Clark.
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Clark and Clark describe market as like “any one of persons who are in close business relations and continue extensive transactions in any of commodity”. So, Market structures are various market forms based upon the degree of competition prevailing into the market.
Generally the market forms are classified in two kinds:
a. Perfectly competitive market and
b. Imperfectly competitive market.
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