Question

Identify the correctly matched pair from column A to that of Column B:

Column A		Column B
1	Large number of sellers and a single buyer	(a)	Monopoly Market
2	Single seller and a large number of buyers	(b)	Perfect Competition Market
3	Firms and industries are synonymous	(c)	Monopoly Market
4	No close substitutes	(d)	Perfect Competition Market

Options

• 1 - (a)

• 2 - (b)

• 3 - (c)

• 4 - (d)

Answer 1

3 - (c)

Explanation:

In a monopoly market, the industry is made up of only one company.