(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.)."

A single organization which employs factors of production to produce goods and sells.

The word monopoly has been derived from the combination of two words i.e., 'Mono' and 'Poly'. Mono refers to a single and "Poly" to seller.

(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.

SI.No	Features	Perfect Competition	Monopoly	Monopolistic Competition
1	No of producers/sellers	Large	Only one	A few (or) some
2	Nature of the product	Homogeneous	Unique	Differentiated Product
3	Control over price	Price taker	Price maker	Price variation
4	Entry/Exit	Free	Entry prevented	The existence of entry possibility
5	Profit	No ultimate profit	Monopoly profit	Profit arising due to markets special feature
6	Market knowledge	Complete	Complete	partial
7	Cost Curves	Same	Same	Same
8	AR Curves	parallel to X-axis perfectly elastic	Fairly flat more elastic	Steep (highly inelastic)
9	Quantity	Very large	Substantially large	Very small
10	Price	Very low	Low	Very high
11	Market Power	Little	Less	More

Here the market is classified not only on its geographical spread but also nature of goods.

(i) Local Market:
1. The products exchanged are mostly perishable and semi-durable in nature.
2. For Example Halva in Tirunelveli.
(ii) Provincial Market:
1. Products are sold and bought in a restricted circle
2. For Example Provincial newspaper
(iii) National Market:
1. Products are sold and bought throughout a country is called national market.
2. For Example Tea, Coffee etc.
(iv) International Market:
1. Products are sold and bought at the world level are called international market.
2. For Example Petrol, Gold, etc.

Features of Monopoly :
(1) There is a single producer / seller of a product;
(2) The product of a monopolist is unique and has no close substitute;
(3) There is strict barrier for entry of any new firm;
(4) The monopolist is a price-maker;
(5) The monopolist earns maximum profit/ abnormal profit.
(6) Firm and industry: Under monopoly, there is no difference between a firm and industry. As there is only one firm, that single firm constitutes the whole industry

Types of Price Discrimination:
There are three types of price discrimination.
(i) Personal - Different prices· are charged for different individuals (for example, the railways give tickets at concessional rate to the 'senior citizens' for the same journey).
(ii) Geographical - Different prices are charged at different places for the same product (for example, a book sold within India at a price is sold in a foreign country at lower price). On their basis, China drops its goods in Indian market. As a result, watch and toys industries closed down their business.
(iii) On the basis of Use - Different prices are charged according to the use of a product (for example, lower rates are charged by Tamil Nadu Electricity Board for domestic uses of electricity and higher rates are charged for commercial and industrial uses.

Markets on the basis of Area:
The market is classified not only on its geographical spread, but also on the nature of the goods exchanged.
(i) Local market arises when products or services are sold and bought in the place of their production. In such markets, the products exchanged are mostly perishable and semi-durable in nature: For example, vegetable, fruits, etc.
(ii) Provincial market arises when products or services are sold and bought in a restricted circle. For example, provincial newspaper.
(iii) National market arises when products and services are sold and bought throughout a country. For example, Nation-wide market for tea, coffee, cement, electrical goods, some printed books, etc.
(iv) International market arises when products and services are sold and bought at the world level. For example, petrol, gold, etc.

i. There is consumer sovereignty in a perfect competitive market. The consumer has perfect knowledge about the market conditions.
ii. The price is equal to the minimum average cost which is beneficial to the consumer.
iii. The firms are price-takers and the products are homogeneous.

The classification of market according to competition is as follows:
a. Perfect competition: Large number of sellers selling homogeneous products.
b. Imperfect competition :
i Monopoly        : Single seller
ii Duopoly         :  Two sellers
iii Oligopoly      : A few sellers selling homogeneous or differentiated products.
iv Monopolistic : Large number of sellers Competition selling differentiated products.

Price-Marker : The power in the firm to get the price for good in the market
Price-Taker : The feature of a firm to accept the price fixed in the industry.