National Market	International Market
a) when products and services are sold and bought throughout a country.	when products and services are sold and bought at the world level.
b) Nation-wide market	Global Market (or) World-wide Market
c) (Ex) Tea, Coffee, Cement, Electrical goods, some printed books etc	(Ex) Petro, gold etc

Monopoly is a form of market where there is a single seller selling a particular comodity for which there are no close substitutes.

Equilibrium of the firm means that the firm readies the maximum profit.
i. MC = MR.
ii. MC cuts MR curve from below (sufficient conditions).

(a) Whole-sale Market
It is for bulk selling and buying of goods (clothing, grocery, etc.). The price is likely to below compared to retail market.
(b) Retail Market
It is for selling (or) buying of commodities in small quantities (clothing, vegetables, etc.)."

(i) Dumping refers to the practice of the monopolist charging the higher price in the local market and, lower price in the foreign market.
(ii) Through dumping a country expands its command over other countries for its product. It is called as 'international price discrimination'.

There are five kinds of wastages under monopolistic competition they are,
(i) Excess capacity
(ii) Unemployment
(iii) Advertisement
(iv) Too many varieties of goods.
(v) Inefficient firms.

Bilateral Monopoly refers to a Market situation in which a single producer faces a single buyer.

Formula: 
Total Profit = (Average Revenue - Average Cost) x Total Output
AR = 100, AC = 32, Total Output = 5
TP = (AR - AC) x Total Output
=(100-32)x5
= 68 x 5
Total Profit =340

(i) Natural Monopoly
(ii) State Monopoly
(iii) Legal Monopoly

(i) Monopoly has been derived from two words 'Mono' - single, 'poly' - to control.
(ii) Monopoly is a market situation in which there is only one seller.
(iii) There is no scope for competition.

Excess capacity is the difference between the optimum output that can be produced and the actual output produced by the firm.

Personal - Different prices are charged for different individuals. (eg) railway
Geographical - Different prices are charged at different places for the same product.

(i) Pure competition is a narrower term for perfect competition.
(ii) Its features are presence of large number of buyers & sellers; homogeneous products and free entry and exit of the firms.

A person who has no power to fix the price of the product is a price taker. A seller in perfect competition is a price taker.

Market refers to a system of exchange between the buyers and the sellers of a commodity.