Question

Match List-I with List-II
List-I (Forms of Market Structure):
(A). Perfect Competition
(B). Monopolistic Competition
(C). Oligopoly
(D). Monopoly
List-II (Number of firms and nature of product):
(I). Few firms; products may be homogeneous and differentiated with close substitutes
(II). One firm; unique product without close substitutes
(III). Large number of firms; products are homogeneous
(IV). Large number of firms; products are differentiated with close substitutes
Choose the correct answer from the options given below:

• (A) - (I), (B) - (II), (C) - (III), (D) - (IV)
• (A) - (II), (B) - (I), (C) - (III), (D) - (IV)
• (A) - (I), (B) - (II), (C) - (IV), (D) - (III)
• (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Hint:

Remember the unique identifying features:
- Perfect Competition = Homogeneous products.
- Monopolistic Competition = Product differentiation.
- Oligopoly = Interdependence of a few firms.
- Monopoly = Single seller.

Answer 1

The Correct Option is D