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Answer Posted / biswadeep
A market is a place where there are buyers and sellers, both of whom are have only a single product or service of interest. Depending on the demand and supply from the buyers and sellers respectively, prices get decided and the exchange of goods or services takes place.
Depending on the no of players, the various markets are:-
1) one seller many buyers- Monopoly
2) many sellers and many buyers- open market
3) few significant sellers and many buyers- oligopoly or cartels
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