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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
Match the following and select the correct option:
| 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 |
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 |
Observe the relationship of the first pair of words and complete the second pair.
Single seller in the market : Monopoly
Single buyer in the market : ______
Which of these feature's is found in both a perfectly competitive market and a monopolistically competitive market?
Which of the following statements are true?
- Monopolistically competitive markets have high selling costs.
- Monopolistically competitive markets sell homogeneous goods.
- Any firm can start a business in a monopolistically competitive market.
Read the given statements carefully and select the correct option.
- The number of sellers under oligopoly are small.
- In monopolistically competitive markets, buyers and sellers have perfect knowledge about the market conditions.
Imperfect knowledge is a characteristic feature of:
Which one of the following is NOT found in a perfectly competition market?
Which of the following is the least competitive market?
Define perfect competition.
Producers in a monopoly are price makers. Briefly explain.
Define oligopoly.
Give an example of monopsony.
Give two characteristics of perfect competition.
Identify the market form of the following:
The Government of India is the sole buyer of fighter aircrafts.
Explain the main characteristics of a monopoly.
Which type of market structure is the following? Give reason.
Soft drinks
What is the effect on price when a perfectly competitive firm tries to sell more?
What is the difference between collusive and non-collusive oligopoly?
Elaborate the price discrimination feature of monopoly.
