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Question
Pick the option which does not belong to the group.
Options
Railways
Shampoos
Televisions
Biscuits
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Solution
Railways
Explanation:
Railways are typically a monopoly market (particularly in countries like India, where the government owns and operates the railways), whereas shampoos, televisions, and biscuits are products found in competitive markets such as monopolistic competition or oligopoly, in which many producers offer differentiated goods.
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RELATED QUESTIONS
Non-price competition is ______.
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 |
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.
Mention two features of monopoly.
Identify the market form of the following:
Goods sold are homogeneous.
Identify the market form for the item given below:
A single seller
Explain the main characteristics of a monopoly.
Product differentiation is practised in monopolistic competition? Give reasons.
What induces new firms to enter an industry?
Why are selling costs incurred?
