Match the characteristics with their market structure a demand will tend to be inelastic b Firm has ...........

General Studies (CHSL) Indian Economy

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Match the characteristics with their market structure:

(a) demand will tend to be inelastic

(b) Firm has control over quantity of output but it must take into account reactions of competitors

(a) Pure Monopoly, (b) Oligopoly

(a) Pure Monopoly, (b) Monopolistic Competition

(a) Pure Competition, (b) Oligopoly

(a) Monopolistic Competition, (b) Pure Competition

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Explanation:

Pure monopoly occurs when the producer is so powerful that he is always able to take the whole of all consumers' income whatever the level of his output is. b) Oligopoly. Oligopoly is a market situation in which there are a few firms selling homogeneous or differentiated products.