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Questions and Answers
What was the purpose of the erstwhile Monopolies and Restrictive Trade Practices Act in India?
What was the purpose of the erstwhile Monopolies and Restrictive Trade Practices Act in India?
- To regulate foreign trade practices
- To support the dominance of a few firms
- To prevent concentration of economic power (correct)
- To encourage the growth of monopolies
What is the potential consequence of a firm attaining a monopoly or dominant position?
What is the potential consequence of a firm attaining a monopoly or dominant position?
- Enhancing product quality for consumers
- Increasing competition in the market
- Ensuring lower prices for consumers
- Imposing higher prices on consumers (correct)
Which regulatory body replaced the Monopolies and Restrictive Trade Practices Act in India?
Which regulatory body replaced the Monopolies and Restrictive Trade Practices Act in India?
- Monopoly Control Authority
- Market Dominance Oversight Committee
- Economic Power Regulation Board
- Competition Commission of India (correct)
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