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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
Explain three features of Perfect competitive market.
Justify the following statement with any two valid arguments. 'In a perfect competition market structure, an individual firm does not have any role in determining price’.
'A few big sellers' is a characteristic of ______.
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| Column I | Column II | ||
| (i) | Perfect competition | (A) | Differentiated Products |
| (ii) | Monopoly | (B) | Few large firms |
| (iii) | Monopolistic Competition | (C) | Single seller |
| (iv) | Oligopoly | (D) | Homogeneous products |
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