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In a certain town, a grocery store is the only option for people to buy groceries. A healthy marketplace is characterized by competition and not a monopoly. Choose the correct answer from the given options.

In a certain town, a grocery store is the only option for people to buy groceries. A healthy marketplace is characterized by competition and not a monopoly. Choose the correct answer from the given options. Correct Answer Grocery store has a monopoly in the town

The Correct Answer is Option 3.

  • A monopoly market structure is characterized by a single seller, selling a unique product in the market.
  • In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute
  • Characteristics associated with a monopoly market make the single seller the market controller as well as the price maker. He enjoys the power of setting the price for his goods.
  • In a monopoly market, factors like government license, ownership of resources, copyright and patent and high starting cost make an entity a single seller of goods.
  •  All these factors restrict the entry of other sellers in the market.

Related Questions

In a certain town, ST Bazaar is the only option for people to buy groceries. A healthy marketplace is characterized by competition and not monopoly. Which conclusion follows the given statements? A. ST Bazaar is a family owned business B. ST Bazaar is a super market C. ST Bazaar has a monopoly in the town D. ST Bazaar is liked by most people of the town.
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The given pie chart shows the percentage distribution of the number of buckets sold by a grocery store on different days of a week. And, the number of red buckets sold by the same grocery store on Monday, Tuesday, Wednesday, Thursday and Friday is 225, 150, 175, 75 and 50 respectively. Total buckets sold (in a day) = Red buckets + Green buckets Total buckets sold by a grocery store in the given days = 1250 What is the ratio between the total number of red buckets sold on Wednesday and Thursday together to the total number of green buckets sold on Thursday and Friday together?
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Ram, Shyam and Suresh went to a grocery store to buy lemons, oranges and apples. The cost of apples is double the oranges, whose cost is Rs.5/kg more than that of lemons. Ram buys lemons, oranges and apples in the ratio of 2:3:7 and pays Rs. 950 in total. Also, Ram applied a 20% off gift card on his and Shyam’s shopping and paid for Shyam’s groceries too. If the sum of 1 kg of each fruit is Rs. 75, Then how much worth of shopping was done by both Shyam and Suresh if they both bought lemons, oranges and apples in the ratio of 4 : 5 : 9 and bought equal amount of groceries.
Read the passage carefully and select the best answer to each question out of the given four alternatives.
Public opinion may be passive and false or active and real. It is claimed in theory that all governments are ultimately based on the opinion or sanction of the governed. But we find that in practice the people's rights are often trodden down and tyranny and oppression are allowed to continue. The government does it not because the people want it to do so but because they are too idle, too uneducated and too disunited or timid to oppose the govern ment. Such public opinion is passive and false and not an active verdict. But when we find people alert, intelligent and determined to let the government know their will, when they want to exercise actively their voice in the management of their country, we have an instance of true or active public opinion. True public opinion is formed by and expressed through the press, the platform, political parties and educational institutions. These have sacred duties to perform, duties on which depends the ultimate good of the entire community. The press today wields a tremendous influence, So it should support the causes and move ments and condemn the wrong one's and thus teach people to form correct opinion. A free and fair press ventilates the grievances of the public. Thus a healthy relationship develops between the people and the government through out an unbiased press. Political parties also help to create and regulate opinions. No less important part is played by the educational Institutions which train the minds of the young people who will be the citizens of tomorrow. It has been said that modern Germany and China have been made by their universities. It is necessary that the young and the growing minds should imbibe the spirit of fellow-feeling, the spirit of tolerance, the habit of compromise, and show due regard for the feelings and opinion of others without which a democratic society cannot function, let alone succeed. When there is true awakening of the people, we shall have the real and conscious public opinion. And justice will reign on earth and truly will the voice of the people be the voice of God.
According to the passage, which of the following is needed from the people to have true or active public opinion? 1. Alertness
2. Determination
3. Intelligence
4. Raising their voice
Read the passage carefully and select the best answer to each question out of the given four alternatives.
Public opinion may be passive and false or active and real. It is claimed in theory that all governments are ultimately based on the opinion or sanction of the governed. But we find that in practice the people's rights are often trodden down and tyranny and oppression are allowed to continue. The government does it not because the people want it to do so but because they are too idle, too uneducated and too disunited or timid to oppose the govern ment. Such public opinion is passive and false and not an active verdict. But when we find people alert, intelligent and determined to let the government know their will, when they want to exercise actively their voice in the management of their country, we have an instance of true or active public opinion. True public opinion is formed by and expressed through the press, the platform, political parties and educational institutions. These have sacred duties to perform, duties on which depends the ultimate good of the entire community. The press today wields a tremendous influence, So it should support the causes and move ments and condemn the wrong one's and thus teach people to form correct opinion. A free and fair press ventilates the grievances of the public. Thus a healthy relationship develops between the people and the government through out an unbiased press. Political parties also help to create and regulate opinions. No less important part is played by the educational Institutions which train the minds of the young people who will be the citizens of tomorrow. It has been said that modern Germany and China have been made by their universities. It is necessary that the young and the growing minds should imbibe the spirit of fellow-feeling, the spirit of tolerance, the habit of compromise, and show due regard for the feelings and opinion of others without which a democratic society cannot function, let alone succeed. When there is true awakening of the people, we shall have the real and conscious public opinion. And justice will reign on earth and truly will the voice of the people be the voice of God.
Which of the following is not the reason for the oppression caused to general public by the running government in the country?
Read the passage carefully and select the best answer to each question out of the given four alternatives.
Public opinion may be passive and false or active and real. It is claimed in theory that all governments are ultimately based on the opinion or sanction of the governed. But we find that in practice the people's rights are often trodden down and tyranny and oppression are allowed to continue. The government does it not because the people want it to do so but because they are too idle, too uneducated and too disunited or timid to oppose the govern ment. Such public opinion is passive and false and not an active verdict. But when we find people alert, intelligent and determined to let the government know their will, when they want to exercise actively their voice in the management of their country, we have an instance of true or active public opinion. True public opinion is formed by and expressed through the press, the platform, political parties and educational institutions. These have sacred duties to perform, duties on which depends the ultimate good of the entire community. The press today wields a tremendous influence, So it should support the causes and move ments and condemn the wrong one's and thus teach people to form correct opinion. A free and fair press ventilates the grievances of the public. Thus a healthy relationship develops between the people and the government through out an unbiased press. Political parties also help to create and regulate opinions. No less important part is played by the educational Institutions which train the minds of the young people who will be the citizens of tomorrow. It has been said that modern Germany and China have been made by their universities. It is necessary that the young and the growing minds should imbibe the spirit of fellow-feeling, the spirit of tolerance, the habit of compromise, and show due regard for the feelings and opinion of others without which a democratic society cannot function, let alone succeed. When there is true awakening of the people, we shall have the real and conscious public opinion. And justice will reign on earth and truly will the voice of the people be the voice of God.
Who among the following has tremendous influence in forming the true public opinion?