Match the following: List 1List 2 1. Firm and Industry are one and the same i. Sellers are price takers…
The matches are 1-ii, 2-i, 3-iv, 4-iii. A single seller makes the firm and industry coincide under monopoly, while firms under perfect competition are price takers.…
Choose your answer
Match the following:
| List 1 | List 2 |
|---|---|
| 1. Firm and Industry are one and the same | i. Sellers are price takers |
| 2. Perfect Competition | ii. Monopoly |
| 3. Monopolistic Competition | iii. Collusion |
| 4. Oligopoly | iv. large number of sellers producing differentiated products |
| v. Monopsony |
Answer and explanation
Correct answer A
The matches are 1-ii, 2-i, 3-iv, 4-iii. A single seller makes the firm and industry coincide under monopoly, while firms under perfect competition are price takers. Monopolistic competition combines many sellers with differentiated products, and oligopoly can involve collusion among the few sellers.
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Andhra Pradesh SET (APSET)