can anybody give me real life examples of perfect competative market,monopoly,monopolistic competition and oligopoly..other than railways for monopoly
- Monopoly Companies which are state owned and entry for other players are not allowed. If we take example from Indian perspective there is one example we can think of is Indian railway which is the monopoly as there is no other contributor exercising in the same market.
- Oligopoly In US and other countries people buy their automobiles from different companies. Here the buyers are many, sellers are few, and competition is high.
- Monopolistic Competition Lets take a common example. Look around your locality. There are some good numbers of restaurants serving their customers. Though they might be producing same kind of recipes, the branding would be different. And thats the catch of monopolistic competition. Many buyers, many sellers, almost same product but different branding and fierce competition.
- Perfect Competition Though in concept perfect competition exists, however in real life only near perfect competition can exist. And the staple food and vegetables we buy from the market is perfect competition. However when they start branding they move toward oligopoly.
- In case of Monopsony and Oligopsony there are almost no practical examples though they are just the opposite of monopoly and oligopoly respectively (buyers rule).