Which of the following is NOT a feature of imperfect competition? MCQ with Answer and Explanation

Question
Which of the following is NOT a feature of imperfect competition?
A. Product differentiation
B. Few or many sellers with some control over price
C. Selling costs
D. Perfect knowledge
Answer: Option D
Solution (By JKSSB Mock Tests)
Perfect knowledge is a feature of perfect competition. Imperfect competition is characterised by product differentiation, selling costs and some degree of price control by sellers.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The 'GST' has helped in creating a unified national market by:
A. raising state VAT rates
B. increasing entry taxes
C. increasing check posts
D. removing cascading taxes and multiple state-level barriers
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Correct Answer: Option D

Explanation:
GST removed cascading taxes and state barriers, creating a unified market.
This question belongs to: Economy GK Economy Set 1
Question #2
Inflation-indexed bonds provide investors protection against:
A. market risk
B. inflation by linking principal or interest to a price index
C. exchange rate fluctuations
D. income tax
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Correct Answer: Option B

Explanation:
Inflation-indexed bonds link principal or interest payments to inflation, protecting investors from inflation.
This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a characteristic of oligopoly?
A. Large number of independent sellers
B. Perfect information and no barriers
C. Homogeneous product with free entry
D. Interdependence among firms
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Correct Answer: Option D

Explanation:
Oligopoly is characterised by a few firms that are interdependent in their decision-making, as the actions of one firm affect the others.
This question belongs to: Economy GK Economy Set 1
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