Competitive Market

Give the brief Introduction of competitive market

A strong competitive market is where there are different types of a producer who are known to provide customers with a  variety of goods and services. The producer stays in a highly competitive area and position among the other producers in the market. They always have hope with them that they will be able to meet the customer demand and needs of the customers by providing them with the best products and services which are best available with them. In order to define the term, it can be also said that the only single competitor cannot dictate the whole market where he or she is working. This concept is also very true as because here the single producer or the customer of the product cannot decide the price of the product. This concept of delivering of the precuts is related to the goods and services which are related to the product. A big example of a competitive market in the world is farming. It is such a place where all different type of people is known to work under a single umbrella.

When did the competitive market has been started and whom?

The term competitive market was first used by the author Leon Walrus in the late 19the century. The person gave it the first thought of rigorous definition of perfect competition and derived the main source as a result in the year 1950. The theory of the competitive market was first defined by him in the late of 19thbcentury but later on, it was revised by the authors Kenneth Arrow and Gerard Debreu. They stated that the real marketers never revealed in the market. That economist whoa re known to believe that this type of economy is being produced in the market then it can be said that it is a perfect tool which appreciates the real marketers in the market

What was the need of this competitive market?

The only need for the competitive market is to meet the needs and demand of the huge amount of customers who will be able to meet the demands and needs of the customers. It also helps in increasing the competition in the market which is known to increase the craze of developing new products and services. The competition is also known to improve the quality of the business and improves the quality f the goods and services which are produced by the company. The only result is that the customers are able to get a better knowledge of the products and services and get a better choice to choose from the competitors in the market.

What are the uses of this competitive market?

In the present era, there is no use of the competitive market the only thing which the competitive market brings is that there is no single producer or a single consumer. There is always a group of producers and a group of consumers who meet together under a  single umbrella. The most important function of the competitive market is that neither the price of the goods can be determined by the producers or the consumers.

What is the Criticism of competitive market?

The main criticism of a competitive market is that there are various types of producers and consumers in the market. Due to the increase in the number of producers in the same place the main. Due to the increase in the number of producers in the market the sellers are not able to sell a maximum amount of goods. The consumers are fully satisfied in the same place because they get a huge amount of satisfaction by getting the most appropriate goods from different types of sellers who are available in the market. The free market from the competitive market is known to provide the consumers with an incentive to the firm to enter the new market. However, they are known to provide the market with a more advanced microsystem of economic theory which is known to offer two systems of profits which are super profit and the other one is the supernormal profit.

What is the related topic and concept of competitive market?

The oligopoly market is something which is related to the topic an the concept f competitive market. The oligopoly is a market structure with a small number of firm none of which can keep the other form of having a significant number of influence. A monopoly is something which has a huge amount of market share which might be one of the largest firms in the market. The monopoly firm has two firms and oligopoly has one firm. This concept of delivering of the precuts is related to the goods and services which are related to the product. A big example of a competitive market in the world is farming. It is such a place where all different type of people is known to work under a single umbrella.