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Question
Indian Railways is an example of ______.
Options
Monopolistic competition
Perfect competition
Monopoly
Oligopoly
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Solution
Indian Railways is an example of Monopoly.
Explanation:
Indian Railways is an example of a monopoly because it is India's sole provider of railway transportation services, which is government-controlled. There are no direct competitors in the rail transport business; hence, Indian Railways has complete control over price and services.
RELATED QUESTIONS
"The price of a product under perfect competition is determined by an individual seller."
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
Pick the option which does not belong to the group.
A holiday resort in a remote village is very popular among the tourists. Since the connectivity is very poor with the outer world, the owner employs the local villagers for the functioning of the resort.
This is a case of:
Match the following:
| Column I | Column II | ||
| A. | Demand curve under perfect competition | (i) | Indeterminate demand curve |
| B. | Demand curve under monopoly | (ii) | Downward sloping but less elastic |
| C. | Demand curve under monopolistic competition | (iii) | Horizontal straight line |
| D. | Demand curve under oligopoly | (iv) | Elastic demand curve |
Read the following statements carefully and choose the correct alternative:
Assertion (A): Price discrimination is possible under monopoly.
Reason (R): A monopolist can charge different prices in different markets because different sets of consumers - rich and poor - have different price elasticity of demand for the monopolist's product.
Read the following statements carefully and choose the correct alternative:
Assertion (A): Buyers are ready to pay different prices for the product produced by different firms under perfect competition.
Reason (R): The products offered for sale in the perfect market are homogeneous.
Mention two features of monopoly.
Define monopsony.
Define product differentiation.
Identify the market form for the following:
Railways in India.
Identify the market form for the following:
Textile industry in India.
Identify the market form for the item given below:
Homogeneous goods
In which form of market do producers and consumers have perfect knowledge about the market conditions?
Discuss any four differences between monopoly and monopolistic competition.
What do you mean by homogeneous products?
What is meant by the term ‘price taker’?
In what respects does oligopoly differ from monopoly?
Identify the market form from the following.
Perfect knowledge
There is inverse relation between price and demand for the product of a firm under ______.
