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Homogenous Product’ is a Characteristic of : (Choose the Correct Alternative) - Economics

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Homogenous product’ is a characteristic of : (choose the correct alternative)

(a) Perfect competition only

(b) Perfect oligopoly only

(c) Both (a) and (b)

(d) None of the above

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Solution

The correct option is (c). All firms in a perfectly competitive market and perfect oligopoly market sell identical units of a product. Hence, the characteristic of a homogeneous product prevails under both the forms of market.

Concept: Main Market Forms
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