In which of the following types of market structure, do firms produce homogeneous product?

Monopoly

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Differentiated oligopoly

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Perfect competition

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Monopolistic competition

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Solution

The correct option is D Perfect competition
Perfect competition is a type of market where there are large number of buyers and sellers who deals in homogeneous product due to which no individual unit is able to influence the price of the product and the firms have to quote the price that prevails in the market because of the customer's knowledge about the price.

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Similar questions

In a perfectly competitive market, the buyers treat products of all the firms as homogeneous. Explain the significance of this feature.

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