Indian railways is an example of __________.

perfect competition

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monopoly

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oligopoly

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monopolistic competition

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Solution

The correct option is B monopoly
In a monopoly competition, there is only one seller and huge number of buyers due to which there remains no competition for the seller and no substitutes for the buyers. Indian railways in an example of monopoly as there is so close substitute for Indian railways which provide transportation at such nominal rates.

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