Match List-I with List-II:
Match List-I with List-II:
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- (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)
The Correct Option is D
Solution and Explanation
- (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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