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Question
Homogeneous products are sold under ______.
Options
Oligopoly market
Monopoly market
Perfect competition
Monopolistic competition
Solution
Homogeneous products are sold under perfect competition.
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RELATED QUESTIONS
What is perfect competition? Explain the concept and its features.
Assertion (A): In perfect competition, price is determined by the forces of demand and supply.
Reasoning (R): The number of buyers and sellers is so large that one person can not influences prices.
Homogeneous product is a feature of this market.
- Monopoly
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State with reason whether you agree or disagree with the following statement:
The seller is a price taker in perfect competition.
Homogeneous product is a feature of this market.
- Monopoly
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Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
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______ is relevant to perfect competition.
The following diagram represents the demand curve of a firm under ______.
In which market form is the firm a price taker?
In which market form are goods sold at a uniform price?
