Match the following groups: Group A 1. Monopoly 2. Product differentiation 3. Railway 4. Perfect competition 5. Pure competition Group B a) Public monopoly b) Abnormal profit c) Monopolistic Competition d) Prof. Chamberlin e) Absence of transport costs f) Cartel g) Selling cost

Match the following groups: Group A 1. Monopoly 2. Product differentia

1.	Match the following groups: Group A 1. Monopoly 2. Product differentiation 3. Railway 4. Perfect competition 5. Pure competition Group B a) Public monopoly b) Abnormal profit c) Monopolistic Competition d) Prof. Chamberlin e) Absence of transport costs f) Cartel g) Selling cost
Answer» POLY - b) Abnormal profit.Monopoly is characterized by many FEATURES which includes abnormal profit. 2. Product differentiation – c) Monopolistic COMPETITION.The most notable feature of monopolistic competition is product differentiation.3. Railway - a) Public monopolyRailway is an example of Public monopoly.4. Perfect competition – e) Absence of TRANSPORT costsAbsence of transport costs is considered as one of the feature of perfect competition, as all the firms are closely located in perfect competition category.5. Pure competition - d) Prof. Chamberlin ACCORDING to Prof. Chamberlin, eradication of monopoly will leads to purity of the market.