Match List-I with List-II and select the correct answer using the code given below the Lists :
List I (Market structure)
- APerfect competition
- BMonopoly
- CMonopolistic competition
- DOligopoly
List II (Characteristic)
- 1Only one producer selling one commodity
- 2Few producers selling similar or almost similar products
- 3Many producers selling differentiated products
- 4Many producers selling similar products
Code: A B C D
- A4 3 1 2
- B4 1 3 2
- C2 1 3 4
- D2 3 1 4
Explanation
Perfect competition has many sellers of identical products (A-4); monopoly has only one producer selling one commodity (B-1); monopolistic competition has many sellers of differentiated products (C-3); oligopoly has a few producers selling similar products (D-2). The code A-4, B-1, C-3, D-2 is option B. Under perfect competition there are many sellers of identical products, so no single seller influences price (A-4). A monopoly has a single producer of a commodity (B-1), monopolistic competition has many sellers of differentiated products (C-3), and an oligopoly has a few producers selling similar products (D-2). The code A-4, B-1, C-3, D-2 is option B.