Which of the following is a feature of the monopolistic competition market structure? MCQ with Answer and Explanation

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Which of the following is a feature of the monopolistic competition market structure?

A. Perfect knowledge and no advertising

B. Product differentiation and selling costs

C. Single seller

D. Homogeneous product

Answer: Option B

Solution (By JKSSB Mock Tests)

Monopolistic competition is characterised by product differentiation, a large number of firms, free entry and exit, and significant selling costs.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'MGNREGA' initially covered how many districts in its first phase?

A. 100

B. 600

C. 200

D. 300

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Correct Answer: Option C

Explanation:
MGNREGA was initially implemented in 200 districts.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Government e-Marketplace' is primarily a platform for:

A. public procurement of goods and services

B. retail e-commerce

C. stock trading

D. foreign exchange trading

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Correct Answer: Option A

Explanation:
GeM is an online platform for government procurement of goods and services.

This question belongs to: Economy GK Economy Set 1

Question #3

Personal Disposable Income is obtained by subtracting from personal income:

A. indirect taxes

B. direct personal taxes

C. customs duty

D. corporate tax

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Correct Answer: Option B

Explanation:
Personal disposable income is personal income minus direct personal taxes and other non-tax payments.

This question belongs to: Economy GK Economy Set 1

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