Q.In which market form, does absence of competition prevail ?

The correct option is (d) Monopoly: with a single seller and no close substitutes, there is no competition.

Markets are classified by the number of sellers and the nature of the product. Monopoly means a single seller controlling the entire supply of a commodity that has no close substitutes; because there are no rival firms, competition is completely absent and the monopolist is a price-maker.

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A market is a system in which persons buy and sell goods directly or indirectly.

In economics, a market does not mean only a particular place to buy or sell things. It refers to the whole set of arrangements by which buyers and sellers come into contact to exchange goods and services — this contact may be direct (face to face) or indirect (through telephone, internet, agents, etc.). Therefore a market is best described …