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Question
Which of the following market types has the fewest number of firms?
Options
Perfect Competition
Monopoly
Monopolistic competition
Monopsony
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Solution
Monopoly
Explanation:
A monopolistic market has the fewest number of enterprises since only one firm controls the whole market. This firm is the only manufacturer or provider of a product or service, as opposed to other market categories that have several enterprises.
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RELATED QUESTIONS
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
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 |
Define perfect competition.
Identify the market form for the following:
Telecom industry in India.
Identify the market form for the item given below:
Homogeneous goods
Define monopoly.
Explain the main characteristics of a monopoly.
Which type of market structure is the following? Give reason.
Soft drinks
What is meant by the term ‘price taker’?
Which feature best distinguishes monopolistic competition from perfect competition?
