Match the following : List IList II (a) Monopoly (i) Many buyers, few sellers (b) Oligopoly (ii) Single…
Monopoly has a single seller, while oligopoly has a few sellers. Perfect competition involves many sellers of an identical product, whereas monopolistic competition involves…
Choose your answer
Match the following :
| List I | List II |
|---|---|
| (a) Monopoly | (i) Many buyers, few sellers |
| (b) Oligopoly | (ii) Single seller, many buyers |
| (c) Perfect competition | (iii) Many sellers with different products |
| (d) Monopolistic competition | (iv) Many sellers with identical product |
Answer and explanation
Correct answer A
Monopoly has a single seller, while oligopoly has a few sellers. Perfect competition involves many sellers of an identical product, whereas monopolistic competition involves many sellers offering differentiated products.
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Maharashtra and Goa SET (MH SET)