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
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.