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Start learning 50% faster. Sign in nowPerfect Competition: Perfect competition is a market system characterized by many different buyers and sellers. With so many market players, it is impossible for any one participant to alter the prevailing price in the market. Monopoly: A monopoly is the exact opposite form of market system as perfect competition. In a pure monopoly, there is only one producer of a particular good or service, and generally no reasonable substitute. Oligopoly: An oligopoly is similar in many ways to a monopoly. The primary difference is that rather than having only one producer of a good or service, there are a handful of producers, or at least a handful of producers that make up a dominant majority of the production in the market system. Monopolistic Competition: Like a perfectly competitive market system, there are numerous competitors in the market. The difference is that each competitor is sufficiently differentiated from the others that some can charge greater prices than a perfectly competitive firm. Monopsony: Market systems are not only differentiated according to the number of suppliers in the market. They may also be differentiated according to the number of buyers.
A statement is given followed by two courses of action I and II. Analyse the given situation and select the appropriate course of action.
Stateme...
Statement: Crime in state M has increased strongly in last five years. The major component of crime such as robbery, kidnapping and assault has incr...
Statement: A 16-year-old boy drowned in a lake when he went for a swim along with his friends.
Courses of actions:
I. Coaching ...
Statement:
Every year, at the beginning or at the end of the monsoons, we have some cases of conjunctivitis, but this year it seems to be a ma...
Statement: As per a report, more than 2 crore cases are pending in India’s district courts
Courses of actions:
I . Beyond t...
A statement is given, followed by two courses of action I and II. You must assume everything in the statement to be true, and on the basis of the inform...
Statement: A 16-year-old boy drowned in a lake when he went for a swim along with his friends.
Courses of actions:
I. Coaching for ...
Statement: The jurisdictional police has failed to arrest 26 convicts who are absconding after being released from prison on parole.
Courses ...
Statement : Poor patient died because of suffering due to ill health as a leading trust-run hospital denied treatment to him because of lack of money....
The major road connecting the two main parts of the city is inundated due to heavy rains during past two days.
Courses of Action: (I)The govt. sh...