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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 image above shows a departmental store of a market structure.
- Identify the form of market as observed from the above image.
- Discuss the features of this market form with respect to:
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- Entry and exit of firms
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Selling costs are absent in perfect competition market.
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 |
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Observe the relationship of the first pair of words and complete the second pair.
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Read the given statements carefully and select the correct option.
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This is a case of:
Which of the following is the least competitive market?
Match the following:
| Column I | Column II | ||
| A. | Monopoly | (i) | Availability of close substitutes |
| B. | Oligopoly | (ii) | Absence of close substitutes |
| C. | Perfect competition | (iii) | Few large sellers |
| D. | Monopolistic competition | (iv) | Homogeneous products |
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Reason (R): Firm is a price maker under perfect competition.
Define monopolistic competition.
Identify the market form of the following:
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Identify the market form for the item given below:
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Give an example of monopoly.
Which market form has the least number of producers?
Name the market which has characteristics both of monopoly and perfect competition.
In which type of market are firms interdependent and a few large firms dominate?
