Question : Match the following:
| Form of market | Number of sellers and buyers |
| 1. Oligopoly | a. Large number of sellers and buyers. |
| 2. Monopoly | b. There are few big sellers and a large number of buyers. |
| 3. Perfect competition | c. One seller but large numbers of buyers. |
Option 1: 1 - b, 2 - c, 3 - a
Option 2: 1 - c, 2 - a, 3 - b
Option 3: 1 - a, 2 - b, 3 - c
Option 4: 1 - b, 2- a, 3 - c
Correct Answer: 1 - b, 2 - c, 3 - a
Solution : The correct answer is 1 - b, 2 - c, 3 - a .
In a perfect competitive market structure, there are many buyers and sellers. In an oligopoly, there are only a few firms in the market. In a monopoly type of market structure, there is only one seller, so a single firm will control the entire market. Market structure makes it easier to understand the characteristics of diverse markets.
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