ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Perfect competition is a hypothetical market where there are a large number of buyers and sellers selling homogeneous products. This indicates that all the products are perfect substitutes for each other. All the sellers sell the product at a uniform price.

Detailed explanation-2: -The correct sequence of the market structure from most to least competitive is perfect competition, imperfect competition, oligopoly and pure monopoly.

Detailed explanation-3: -Restaurants, hair salons, household items, and clothing are examples of industries with monopolistic competition. Items like dish soap or hamburgers are sold, marketed, and priced by many competing companies.

Detailed explanation-4: -Some examples of oligopolies include the car industry, petrol retail, pharmaceutical industry, coffee shop retail, and airlines. In each of these industries, a few large companies dominate.