Question:
Match List-I with List-II:
Match List-I with List-II:
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Market structures: Perfect (many, same), Monopolistic (many, different), Oligopoly (few), Monopoly (one, unique).
Updated On: Jul 2, 2026
- (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)
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The Correct Option is D
Approach Solution - 1
The correct matching of market structures with their characteristics is as follows:
- (A) Perfect Competition (III): Characterized by a large number of firms producing homogeneous (identical) products, such as agricultural commodities (e.g., wheat), with no single firm controlling the market price.
- (B) Monopolistic Competition (IV): Involves a large number of firms selling differentiated products with close substitutes, such as restaurants or clothing brands, where differentiation (e.g., branding) allows some pricing power.
- (C) Oligopoly (I): Consists of a few firms dominating the market, with products that may be homogeneous (e.g., steel) or differentiated (e.g., smartphones), and close substitutes exist due to limited competition.
- (D) Monopoly (II): Features a single firm producing a unique product with no close substitutes, such as a patented drug or a sole utility provider, giving it significant market power.
Thus, the correct pairing is (A) - (III), (B) - (IV), (C) - (I), (D) - (II), making option (4) correct.
- (A) Perfect Competition (III): Characterized by a large number of firms producing homogeneous (identical) products, such as agricultural commodities (e.g., wheat), with no single firm controlling the market price.
- (B) Monopolistic Competition (IV): Involves a large number of firms selling differentiated products with close substitutes, such as restaurants or clothing brands, where differentiation (e.g., branding) allows some pricing power.
- (C) Oligopoly (I): Consists of a few firms dominating the market, with products that may be homogeneous (e.g., steel) or differentiated (e.g., smartphones), and close substitutes exist due to limited competition.
- (D) Monopoly (II): Features a single firm producing a unique product with no close substitutes, such as a patented drug or a sole utility provider, giving it significant market power.
Thus, the correct pairing is (A) - (III), (B) - (IV), (C) - (I), (D) - (II), making option (4) correct.
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Approach Solution -2
Ordering by number of firms (spectrum method):
Market structures fall on a spectrum by the number of firms and product homogeneity: perfect competition has the most firms and identical products, monopolistic competition has many firms with differentiated products, oligopoly has a few firms, and monopoly has exactly one firm.
If List-II's four descriptions are arranged along this same spectrum from most competitive to least competitive, then (A) Perfect Competition should take the many firms, homogeneous product description, (B) Monopolistic Competition the many firms, differentiated product description, (C) Oligopoly the few firms description, and (D) Monopoly the single firm description.
Applying this spectrum-based mapping consistently across List-II gives (A)-(III), (B)-(IV), (C)-(I), (D)-(II), which matches only option (4).
Market structures fall on a spectrum by the number of firms and product homogeneity: perfect competition has the most firms and identical products, monopolistic competition has many firms with differentiated products, oligopoly has a few firms, and monopoly has exactly one firm.
If List-II's four descriptions are arranged along this same spectrum from most competitive to least competitive, then (A) Perfect Competition should take the many firms, homogeneous product description, (B) Monopolistic Competition the many firms, differentiated product description, (C) Oligopoly the few firms description, and (D) Monopoly the single firm description.
Applying this spectrum-based mapping consistently across List-II gives (A)-(III), (B)-(IV), (C)-(I), (D)-(II), which matches only option (4).
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