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Question
Indian Oil Corporation Limited is an example of a/an ______.
Options
Competitive firm
Monopoly firm
Monopolistically competitive firm
Oligopolistic firm
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Solution
Indian Oil Corporation Limited is an example of a/an Oligopolistic firm.
Explanation:
Indian Oil Corporation Limited (IOCL) is an example of an oligopolistic company because it works in an oligopolistic market structure. In India's oil and gas business, a few large firms, such as IOCL, Bharat Petroleum, and Hindustan Petroleum, dominate the market, exerting strong control over pricing and output, as is typical of an oligopoly.
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RELATED QUESTIONS
Match the following and select the correct option.
| Column I | Column II | ||
| (i) | Perfectly elastic demand | (A) | Oligopoly |
| (ii) | Less elastic demand | (B) | Monopolistic competition |
| (iii) | More elastic demand | (C) | Perfect competition |
| (iv) | Indeterminate demand | (D) | Monopoly |
"The price of a product under perfect competition is determined by an individual seller."
Which of the following is the least competitive market?
Define perfect competition.
What is meant by pure competition?
Define oligopoly.
Highlight the importance of selling costs in a monopolistically compatible market.
Product differentiation is practised in monopolistic competition? Give reasons.
With the help of an example explain the meaning of price discrimination.
Elaborate the price discrimination feature of monopoly.
