ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Monopoly, where there is only one provider of a product or service.

Detailed explanation-2: -Economic market structures can be grouped into four categories: perfect competition, monopolistic competition, oligopoly, and monopoly. The categories differ because of the following characteristics: The number of producers is many in perfect and monopolistic competition, few in oligopoly, and one in monopoly.

Detailed explanation-3: -The four popular types of market structures include perfect competition, oligopoly market, monopoly market, and monopolistic competition. Market structures show the relations between sellers and other sellers, sellers to buyers, or more.

Detailed explanation-4: -Answer and Explanation: The correct answer is d. lettuce farmers. They sell identical products while in a monopolistic competition market, there is product differentiation.

Detailed explanation-5: -The correct answer is C. Cotton production is not an example of an oligopoly market. An oligopoly is a market in which the industry is dominated by a small number of sellers or producers.