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:
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:
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:
Show Hint
Remember the unique identifying features:
- Perfect Competition = Homogeneous products.
- Monopolistic Competition = Product differentiation.
- Oligopoly = Interdependence of a few firms.
- Monopoly = Single seller.
- Perfect Competition = Homogeneous products.
- Monopolistic Competition = Product differentiation.
- Oligopoly = Interdependence of a few firms.
- Monopoly = Single seller.
Updated On: Jul 13, 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)
Show Solution
Verified By Collegedunia
The Correct Option is D
Solution and Explanation
Step 1: Understanding the Concept:
Market structures are classified based on the number of participating firms, their degree of control over price, barriers to entry, and the homogeneity or differentiation of their products.
Step 2: Detailed Explanation:
Let us match each market structure in List-I with its defining characteristics in List-II:
- (A). Perfect Competition:
This market has a very large number of buyers and sellers.
All sellers produce identical, homogeneous products.
Firms are price takers.
This matches with (III) Large number of firms; products are homogeneous.
- (B). Monopolistic Competition:
This market has a large number of relatively small sellers.
Products are differentiated through branding, packaging, or features, but are close substitutes for one another.
This matches with (IV) Large number of firms; products are differentiated with close substitutes.
- (C). Oligopoly:
This market is dominated by a few large firms.
The products may be homogeneous (pure oligopoly) or differentiated (differentiated oligopoly).
Firms exhibit high strategic interdependence.
This matches with (I) Few firms; products may be homogeneous and differentiated with close substitutes.
- (D). Monopoly:
This market structure has only one firm representing the entire industry.
The firm produces a unique product with no close substitutes.
This matches with (II) One firm; unique product without close substitutes.
Thus, the correct matching is: (A) - (III), (B) - (IV), (C) - (I), (D) - (II).
Step 3: Final Answer:
The correct option is (D).
Market structures are classified based on the number of participating firms, their degree of control over price, barriers to entry, and the homogeneity or differentiation of their products.
Step 2: Detailed Explanation:
Let us match each market structure in List-I with its defining characteristics in List-II:
- (A). Perfect Competition:
This market has a very large number of buyers and sellers.
All sellers produce identical, homogeneous products.
Firms are price takers.
This matches with (III) Large number of firms; products are homogeneous.
- (B). Monopolistic Competition:
This market has a large number of relatively small sellers.
Products are differentiated through branding, packaging, or features, but are close substitutes for one another.
This matches with (IV) Large number of firms; products are differentiated with close substitutes.
- (C). Oligopoly:
This market is dominated by a few large firms.
The products may be homogeneous (pure oligopoly) or differentiated (differentiated oligopoly).
Firms exhibit high strategic interdependence.
This matches with (I) Few firms; products may be homogeneous and differentiated with close substitutes.
- (D). Monopoly:
This market structure has only one firm representing the entire industry.
The firm produces a unique product with no close substitutes.
This matches with (II) One firm; unique product without close substitutes.
Thus, the correct matching is: (A) - (III), (B) - (IV), (C) - (I), (D) - (II).
Step 3: Final Answer:
The correct option is (D).
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