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Question
Maruti, Tata and Hyundai are examples of which form of market?
Options
Perfect competition
Oligopoly
Monopoly
Duopoly
Solution
Oligopoly
Explanation: An oligopoly is a market arrangement where a few companies compete aggressively with one another to sell the same product. In markets such as India, where they hold a major share of the market, Maruti, Tata, and Hyundai are the leading participants in the automative business. The car business is an example of an oligopoly market due to its large market dominance and high entry barriers.
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