Market Structure and Competition क्या है?
Market structure refers to the characteristics of a market, including the number of firms, the nature of competition, the ease of entry and exit, and the degree of product differentiation. Competition is the rivalry among sellers striving to achieve objectives like increasing profits, market share, and sales volume by varying elements of their marketing mix.
ऐतिहासिक पृष्ठभूमि
Classical economists like Adam Smith emphasized perfect competition. Later, economists developed theories of imperfect competition (monopolistic competition, oligopoly, monopoly). In India, post-1991 economic liberalization led to increased competition across many sectors previously dominated by state monopolies or a few private players, necessitating a robust competition policy.