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Question
State the market form of the following commodity.
Railways
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Solution
The market form of railways is a monopoly.
RELATED QUESTIONS
Discuss any two features of a monopolistically competitive market.
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The image above shows a departmental store of a market structure.
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Observe the relationship of the first pair of words and complete the second pair.
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Match the following:
| Column I | Column II | ||
| A. | Monopoly | (i) | Availability of close substitutes |
| B. | Oligopoly | (ii) | Absence of close substitutes |
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| D. | Monopolistic competition | (iv) | Homogeneous products |
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