Which of the following is a characteristic of a monopoly? MCQ with Answer and Explanation

Question

Share Report Error

Which of the following is a characteristic of a monopoly?

A. Single seller and no close substitutes

B. Free entry and exit

C. Homogeneous product with many sellers

D. Large number of sellers

Answer: Option A

Solution (By JKSSB Mock Tests)

Monopoly is characterised by a single seller of a product that has no close substitutes, with barriers to entry.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

The 'Unified Payments Interface' was launched in which year?

A. 2014

B. 2017

C. 2016

D. 2018

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
UPI was launched in April 2016.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of the '15-Minute City' concept?

A. A city in which all travel requires long car journeys

B. An urban planning model in which most daily needs can be met within a short walk or cycle from home

C. Only a high-speed transport network without local amenities

D. A purely residential suburb without services

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
The 15-minute city is an urban design principle that aims to ensure that residents can access work, shopping, education, healthcare and leisure within a 15-minute walk or bicycle ride from their homes.

This question belongs to: Economy GK Economy Set 1

Question #3

Real Time Gross Settlement is a payment system that:

A. settles transactions in batches

B. settles high-value transactions individually in real time

C. settles only retail transactions

D. does not require a bank account

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
RTGS settles high-value transactions individually and in real time.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs