Selling costs are a distinguishing feature of which market structure? MCQ with Answer and Explanation

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Selling costs are a distinguishing feature of which market structure?

A. Pure competition

B. Monopoly

C. Monopolistic competition

D. Perfect competition

Answer: Option C

Solution (By JKSSB Mock Tests)

Firms in monopolistic competition incur selling costs to differentiate their products and attract customers.

This question belongs to: Economy GK Economy Set 1

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Question #1

Excess capacity is a characteristic feature of which market structure?

A. Pure competition

B. Monopolistic competition

C. Monopoly

D. Perfect competition

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Correct Answer: Option B

Explanation:
Firms in monopolistic competition produce below optimum capacity, leading to excess capacity.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Election Commission of India' is constituted under which article?

A. Article 360

B. Article 280

C. Article 356

D. Article 324

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Correct Answer: Option D

Explanation:
The Election Commission is constituted under Article 324.

This question belongs to: Economy GK Economy Set 1

Question #3

The circular economy concept emphasizes:

A. unlimited resource extraction

B. increasing waste generation

C. linear production and disposal

D. reuse, recycling and regeneration of resources

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Correct Answer: Option D

Explanation:
A circular economy emphasizes reuse, recycling and regeneration to minimize waste.

This question belongs to: Economy GK Economy Set 1

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