In the context of market structures, 'Price Discrimination' is possible under: MCQ with Answer and Explanation

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In the context of market structures, 'Price Discrimination' is possible under:

A. Only in agricultural markets

B. Monopoly

C. Both perfect competition and monopoly equally

D. Perfect competition

Answer: Option B

Solution (By JKSSB Mock Tests)

Price discrimination (charging different prices to different consumers for the same product) is typically possible under monopoly where the firm has market power and can segment markets.

This question belongs to: Economy GK Economy Set 1

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In the context of measuring progress beyond GDP, the 'Human Development Index' combines indicators of:

A. Life expectancy, education and per capita income

B. Only subjective well-being

C. Only environmental sustainability

D. Only income and inequality

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Correct Answer: Option A

Explanation:
The Human Development Index is a composite index of three basic dimensions of human development: a long and healthy life (life expectancy), knowledge (education) and a decent standard of living (GNI per capita).

This question belongs to: Economy GK Economy Set 1