Which of the following is a market structure based on the number of sellers? MCQ with Answer and Explanation

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Which of the following is a market structure based on the number of sellers?

A. Only monopsony

B. Only monopolistic competition as buyer-based

C. Only bilateral monopoly

D. Monopoly, duopoly, oligopoly and perfect competition

Answer: Option D

Solution (By JKSSB Mock Tests)

Market structures classified by the number of sellers include monopoly (one), duopoly (two), oligopoly (few) and perfect competition (many).

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a feature of the 'Ratchet Effect' in consumption theory?

A. Consumption rises with income but is resistant to falling when income declines

B. Consumption falls symmetrically with income

C. Consumption is independent of past income

D. Only permanent income matters

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Correct Answer: Option A

Explanation:
The ratchet effect, associated with Duesenberry’s relative-income hypothesis, describes the asymmetry whereby consumption adjusts upward more readily than downward when income changes.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Intellectual Property Rights' in India are administered by which department?

A. Ministry of Finance

B. RBI

C. Department for Promotion of Industry and Internal Trade

D. Ministry of Law

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Correct Answer: Option C

Explanation:
IPR policy is administered by DPIIT.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on event management services is:

A. 18%

B. 5%

C. 28%

D. 12%

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Correct Answer: Option A

Explanation:
Event management services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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