Match Market Types with Definitions
View Complete Answer & Explanation
Question (English)
Match the column:
| TABLE-I | TABLE-II |
|---|---|
| 1) Monopoly | a) More than 2 buyers |
| 2) Monopsony | b) More than 2 sellers |
| 3) Duopoly | c) Two buyers |
| 4) Duopsony | d) Two sellers |
| 5) Oligopoly | e) Single buyer |
| 6) Oligopsony | f) Single seller |
- 1-f, 2-e, 3-d, 4-c, 5-b, 6-a ✓ Correct
- 1-e, 2-f, 3-c, 4-d, 5-a, 6-b
- 1-f, 2-e, 3-c, 4-d, 5-b, 6-a
- 1-e, 2-f, 3-d, 4-c, 5-b, 6-a
Explanation:
Correct Answer: 1-f, 2-e, 3-d, 4-c, 5-b, 6-a
The correct matching is:
- 1-Monopoly → f) Single seller: Mono = one; Poly = seller. One seller controls the market. Example: A single electricity board supplying a city.
- 2-Monopsony → e) Single buyer: Mono = one; Psony = buyer. One buyer for many sellers. Example: A government as sole buyer of defence equipment.
- 3-Duopoly → d) Two sellers: Duo = two; Poly = seller. Two sellers dominate the market. Example: Two major airlines on a route.
- 4-Duopsony → c) Two buyers: Duo = two; Psony = buyer. Two buyers in the market.
- 5-Oligopoly → b) More than 2 sellers: Oligo = few; Poly = seller. Example: 4–5 telecom companies in India.
- 6-Oligopsony → a) More than 2 buyers: Oligo = few; Psony = buyer. A market dominated by a few buyers.
Memory Tip
Mono=1, Duo=2, Oligo=few/more than 2. Poly=seller side, Psony=buyer side.
📚 About this Topic — Animal Refresher
This multiple choice question is from Animal Refresher, Veterinary Extension Education. It has 4 options with a detailed explanation of the correct answer. Practice more MCQs from Animal Refresher to strengthen your preparation.
