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Question
Fill in the blank with appropriate alternative given below
Under perfect competition commodities are ________________ in nature.
Options
homogeneous
classified
heterogeneous
supplementary
MCQ
Fill in the Blanks
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Solution
Under perfect competition commodities are homogeneous in nature.
Under perfect competition, commodities are homogeneous in nature. In other words, the product of each and every firm in the market is a perfect substitute to others’ products in terms of quantity, quality, colour, size, features, etc.
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