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Question
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
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.
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