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Question
When the producers are producing homogeneous products, the market will be ________________.
When the producers are producing homogeneous products, the market will be ________________.
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Solution
The correct option is A Perfect competition
A production which is the same for every firm in the industry is called a homogeneous product. One farmer’s carrots are indistinguishable from those produced by any other farmer. They are homogeneous. A market is said to be perfectly competitive when all firms act as price-takers — when they can sell as such as they like at the going price but nothing at a higher price as they sell homogeneous products.
A production which is the same for every firm in the industry is called a homogeneous product. One farmer’s carrots are indistinguishable from those produced by any other farmer. They are homogeneous. A market is said to be perfectly competitive when all firms act as price-takers — when they can sell as such as they like at the going price but nothing at a higher price as they sell homogeneous products.
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