NAME : AHIA NARTEH GIDEON

ID : 10825405

COURSE NAME : MICROECONOMICS AND MICROECONOMICS THEORY

COURSE CODE: AGEC 313

ASSIGNMENT 1

MARCH 18, 2022

DISTINGUISH BETWEEN EACH OF THE FOLLOWING PAIRS OF MARKET

1. A spot market is where financial instruments are exchanged for immediate delivery,

such as commodities, currencies, and securities whiles A futures market is an auction

market in which participants buy and sell commodity and futures contracts for

delivery on a specified future date.

2. competitive (perfect) market and imperfect market.

A perfect competitive market which is characterized by larger buyers and sellers,

undifferentiated products, no transaction costs, no barriers to entry and exit, and a

 good information about the price of a product whiles Imperfect competition market

refers to any economic market that does not meet the accurate assumptions of a

hypothetical perfectly competitive market.

3. Monopolistic and monopolistic competitive market.

Monopolistic market is a market whereby a certain product or service is offered by only one

company. A monopolistic market structure has the features of a pure monopoly, where a

single company fully controls the market and determines the supply and price of a product or

service whiles Monopolistic competition is a market structure which combines elements of

monopoly and competitive markets. Essentially a monopolistic competitive market is one

with freedom of entry and exit, but firms can differentiate their products.

4. Oligopolistic and monopolistic market.

Oligopolistic market is a type of market structure where two or more firms have market

control whiles Monopolistic market is a market whereby a certain product or service is

offered by only one company. A monopolistic market structure has the features of a pure

monopoly, where a single company fully controls the market and determines the supply and

price of a product

5. Duopolistic and monopolistic market.

Duopolistic market is a type of market where two companies have full control over market

product that the companies produce and sell whiles Monopolistic market is a market

whereby a certain product or service is offered by only one company. A monopolistic

market structure has the features of a pure monopoly, where a single company fully controls

the market and determines the supply and price of a product.

6. Bilateral monopoly and monopolistic market.

Bilateral monopoly is a market structure which consist of only one buyer and one supplier.

The supplier intends to take charge in terms of the pricing system in the market whiles

Monopolistic market is a market whereby a certain product or service is offered by only one

company. A monopolistic market structure has the features of a pure monopoly, where a

single company fully controls the market and determines the supply and price of a product.

Monopsonistic and monopolistic market.

7. A monopsony refers to a market dominated by a single buyer. In a monopsony, a

single buyer has a controlling advantage that drives its consumption price levels

down whiles Monopolistic market is a market whereby a certain product or service is

offered by only one company. A monopolistic market structure has the features of a

pure monopoly, where a single company fully controls the market and determines the

supply and price of a product.

 8. Monopsonistic and oligopolistic market.

A monopsony refers to a market dominated by a single buyer. In a monopsony, a single

buyer has a controlling advantage that drives its consumption price levels down whiles

Oligopolistic market is a type of market structure where two or more firms have market

control.