Quantitative and Qualitative Differences

Quantitative and Qualitative Differences - Traditional...

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Quantitative and Qualitative Differences: Traditionally a competitive market is considered an ideal form of market. As a rule almost all markets are competitive in nature. Only in exceptional cases certain market imperfections may cause departure from competition. Such exceptions to competition are in the form of monopoly, oligopoly or duopoly. However, all these forms are numerically and quantitatively dissimilar to competition.
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Unformatted text preview: Traditional analysis does not take account of qualitative differences. The number of firms may remain fairly large to make the market appear competitive. Yet there may be noticeable varieties in the price charged and the profits earned by individual firms. This can be explained thus: such modern markets have started emerging in the 1920s....
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